Why Intellectuals Still Support Socialism

The Ludwig von Mises Institute was named after its namesake. Von Mises was part of what is known as the Austrian School of Economics. The Austrian School (not actually a school) became a moniker for Free Market Capitalism and highly against Socialist and Communist economic systems. After World War II von Mises economic intellectualism largely ran opposed to John Kenneth Galbraith. Galbraith’s economics was heralded as the standard of the day: mixture of socialist controls and market enterprise. Thus von Mises and the Austrian School intellectuals fell out of favor. They started making a come back just before the Reagan Administration.

The author of an extremely well laid out essay – Peter Klein – relies heavily on another Austrian School economist by the name of F. A. Hayek.

This is what caught my eye about this essay: The reason there are so many socialist/Left slanted Academics at universities, colleges and schools in America is because the free market intellectuals eschew academic intellectualism for making real money in market society. The intellectual Leftist does not have the acumen to make money so they theorize how money should be spent. Thus the slanted Left intellectuals dominate Academics and the Slanted Right intellectuals make the money.