Machan was born in
Budapest. Machan's father hired a smuggler to get him out of Hungary when he was 14 years of age and he came to the United States three years later, in 1956. By 1965, Machan graduated from
Claremont McKenna College (then Claremont Men's College). He took his Masters of Arts in philosophy at
New York University from 1965 to 1966, and his Ph.D. in philosophy at
University of California, Santa Barbara, 1966–1971. He taught as an assistant professor of philosophy at
California State University, Bakersfield from 1970 to 1972. In 1970, with
Robert W. Poole, Jr. and Manuel Klausner, he purchased
Reason magazine, which has since become the leading libertarian periodical in America. Machan edited
Reason for two years and was the editor of
Reason Papers, an annual journal of interdisciplinary normative studies, for 25 years. He was a visiting professor at the
United States Military Academy at West Point in 1992–1993 and taught at universities in California, New York, Switzerland, and Alabama. He lectured in Europe, South Africa, New Zealand, Budapest, Hungary, Prague, Czech Republic, Azerbaijan, Republic of Georgia, Armenia, and Latin America on
business ethics and
political philosophy. He sat on the advisory boards for several foundations and think tanks, and served on the founding Board of the Jacob J. Javits Graduate Fellowship Program of the
U. S. Department of Education. Machan was selected as the 2003 President of the American Society for Value Inquiry, and delivered the presidential address on 29 December 2002, in Philadelphia, at the Eastern Division meetings of the
American Philosophical Association, titled "Aristotle & Business." He was on the board of the Association for Private Enterprise Education for several terms. Machan wrote a memoir,
The Man Without a Hobby: Adventures of a Gregarious Egoist (Hamilton Books, 2004; 2nd edition 2012). On 24 March 2016, he died at the age of 77. ==Academic work==