Here’s Mises interpreting Marx: “The capitalists, in their subconsciousness ashamed of the mean greed motivating their own conduct and anxious to avoid social disapproval, encouraged their sycophants, the economists, to proclaim doctrines which could rehabilitate them in public opinion.” (Human Action, 78) Now it appears that Marx was in many ways right in his denunciation, except that he got the theory of class conflict wrong: the numerous so-called economists are sycophants not of the bourgeoisie but of special interests and the state. These economists have betrayed their calling to analyze the consequences of human actions not in the short-run and only for certain groups of people (such as the politically connected Wall Street firms) but in the long-run and for all groups. They have also failed to abide by rule utilitarianism, in that the market and a regime of private property cannot bear bailouts, subsidies, fiat money, massive government debt, and other forms of interventionism and outright socialism. They should be vociferously calling for explicit laws against this sort of things. As it is, they are paid shills for the political class.
Source link: http://archive.mises.org/8564/mainstream-economists-bleah/