Hayek disliked intellectuals, because he said they often applied intuition in a very sloppy way. Their education and articulate writing was applied using superficial reasoning, and so they were lightweights. For example, in his day, it was socialism vs. capitalism, and most intellectuals favored socialism because the simple idea that 'planning' is better than 'not planning'. There superficial application of this idea led them to a bad opinion.
I was watching Bloggingheads, and political pundits/operatives Mark Schmitt and Byron York both admit they don't know much about what is going on in this crisis, but highlight the reference '
Liar's Poker' by Michael Lewis as informing their intuition.
2 comments:
Archie Bunker was a Reagan Democrat-type (though he preceeded the term). Union, but to the right on the cold war and many other issues.
lewis got the spiel. 3 years is 1,094 days more than you need, to learn the spiel on the street. finance is easy. old people lending to young people. var schmar, fractals schmactals are just for entertainment.
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