“It was perhaps John Maynard Keynes who said it best, in the closing chapter of The General Theory:
the ideas of economists and political philosophers, both when they are right and when they are wrong, are more powerful than commonly understood. Indeed the world is ruled by little else. Practical men, who believe themselves to be quite exempt from any intellectual influences, are usually the slaves of some defunct economist.”
“Madmen in authority, who hear voices in the air, are distilling their frenzy from some academic scribbler of a few years back. I am sure that the power of vested interests is vastly exaggerated compared with the gradual encroachment of ideas.109”
Excerpt From: F. A. Hayek. “The Road to Serfdom.” University of Chicago Press, 2010-04-06. iBooks.
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