The Intellectuals’ Hostility to the Market Economy

Quicksearch

Blog Administration

Open login screen

RSS Readers

Wednesday, July 16. 2014

The Intellectuals’ Hostility to the Market Economy

One quote from the article:

... intellectuals are a paradoxical product of the market economy, because “unlike any other type of society, capitalism inevitably and by virtue of the very logic of its civilization creates, educates and subsidizes a vested interest in social unrest.” Like Hayek, Schumpeter described intellectuals broadly as “people who wield the power of the spoken and the written word.” More narrowly, “one of the touches that distinguish them from other people who do the same is the absence of direct responsibility for practical affairs.” That is, intellectuals do not participate in the market (at least not in the areas they write about), and do not generally rely on satisfying consumers to earn a living. Add to this their naturally critical attitude—which Schumpeter argues is the product of the essential rationality of the market economy—and it is easy to see why intellectuals would be hostile to the market.

Posted by The Barrister in Our Essays, The Culture, "Culture," Pop Culture and Recreation at 13:12 | Comments (4) | Trackbacks (0)

Trackbacks

Trackback specific URI for this entry

No Trackbacks

Comments

Display comments as (Linear | Threaded)

I beg to differ. All economies have their intellectual class,whether it is the witch doctor of hunting-gathering societies; the philosopher schools of Athens; monasteries of the Middle Ages; Universities of the Renaissance; or Church based universities of the 1700's. All these religious institutions had their intellectuals dabbling in astronomy, medicine, math, physical,sciences. Secular intellectuals are a fairly recent addition of the Enlightenment and industrialization.. There are always those who find thinking and knowing more rewarding than labor or skilled artisans. The amazing thing is that the intellectual would always be a rebellious spirit of their Age and society. There is always a dissatisfaction with the status quo and wanting/proposing a better way. Maybe that is progress. Or maybe it is the ancient longing to build Utopia. Left alone, Capitalism would stagnate into cartels, price fixing and wage slavery. All systems work best with several balancing/competing centers of power; industry, government, unions; kings, merchants, church, knights; tribal chief, witch doctor, warriors. Just my two cents.

#1 Blick on 2014-07-16 14:35 (Reply)

"it is easy to see why intellectuals would be hostile to the market"

There's always the problem that the market doesn't value their intellectual product at anything like the exalted heights they expected. Must be something wrong with that market, yes sir. "But I'm an A+ student!"

#2 Texan99 on 2014-07-16 15:31 (Reply)

So in other words an intellectual is like that person who has no children and no siblings but is quick to tell others how they should raise their children and what they are doing wrong.

#3 GoneWithTheWind on 2014-07-16 21:35 (Reply)

Eh, what's that you say? An intellectual is discussing what some other intellectual(s) wrote? About economics of all things? And while he disagrees in some esoteric particulars with his fellow intellectual(s) and agrees in some nebulous manner with others, he shares with all intellectuals everywhere the firm conviction that what they each think is of the utmost importance? Jeepers, I am impressed. I am also fairly certain that if I were an intellectual, I would likely be inclined to impress upon others the importance of my opinion.

#4 W. C. Taqiyya on 2014-07-17 22:53 (Reply)

Add Comment

Name
Email	(Your e-mail will not show in your comment)
Homepage
In reply to
Comment	By commenting on this site you agree to the site rules listed here. Email addresses will not be displayed and will only be used for email notifications. Quick reference guide: [i] italics [/i], [b] bold [/b], [u] underline [/u], [url] (web address) [/url]. More tips here. Enclosing asterisks marks text as bold (word), underscore are made via _word_. E-Mail addresses will not be displayed and will only be used for E-Mail notifications. To prevent automated Bots from commentspamming, please enter the string you see in the image below in the appropriate input box. Your comment will only be submitted if the strings match. Please ensure that your browser supports and accepts cookies, or your comment cannot be verified correctly. Enter the string from the spam-prevention image above: BBCode format allowed
	Remember Information? Subscribe to this entry

Maggie's Farm

Our Recent Essays Behind the Front Page

Categories

Quicksearch

Links

Blog Administration

RSS Readers

Wednesday, July 16. 2014

The Intellectuals’ Hostility to the Market Economy