In “ The Intellectuals and Socialism ,” F.A. Hayek contrasted intellectuals with scholars, original thinkers, and specialists. The intellectual is a public figure who is a “secondhand dealer in ideas” who is not necessarily very bright but can speak and write with confidence and authority about a wide range of subjects with which he or she has little direct knowledge or experience.
Most economic commentators are likely to agree that in relation to the period prior to the Great Depression, the present world is many times more sophisticated in terms of advanced technological knowledge. It is then tempted to suggest that with the present advanced technology we are in a position to generate enough real wealth to prevent a severe economic slump.
On this way of thinking, ideas are not themselves scarce unlike material inputs. Consequently, new ideas for more efficient processes and new products can make continuous growth possible.
It is a credit to the economics profession that the labor theory of value has largely fallen out of style. There is, however, one sector of the economy in which it continues to be taken seriously: sports.
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