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Mises Economics Blog

The Psychological Basis of the Opposition to Economic Theory

May 5, 2006 3:13 PM by Weekend Edition (Archive)

Mises writes: Every new theory encounters opposition and rejection at first. The adherents of the old, accepted doctrine object to the new theory, refuse it recognition, and declare it to be mistaken. Years, even decades, must pass before it succeeds in supplanting the old one. A new generation must grow up before its victory is decisive. To understand this one must remember that most men are accessible to new ideas only in their youth. With the progress of age the ability to welcome them diminishes, and the knowledge acquired earlier turns into dogma. FULL ARTICLE

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Comments (6)

  • Ulrich Hobelmann

    Wow, really excellent article.

    "It is with horror that we now witness the maturation of the fruits of the policy that results from this abdication of the intellect." Indeed.

    But unless God will let some brains rain from the sky, I'm doubtful that anything about this situation is likely to improve.

    You cannot fight an irrational religious zealot with scientific arguments, but all too often that's just what libertarians try (even though rightfully). Like with militant Islamists, there's absolutely nothing in this world that will ever stop these people from believing in their Government God.

    Published: May 5, 2006 5:17 PM

  • Daniel M. Ryan

    One of my own conceits regarding Marxism is that the "practical" part of the Marxian system came, directly or indirectly, from Marx's uncle-in-law, Lion Phillips. Rather than turning Hegel on his head, it would be more accurate to say that Marxism is "businesspersons' economics" turned on its head.

    Published: May 6, 2006 11:16 AM

  • operator

    From Section 3. The Role of Resentment, paragraph 6 of 7 (in the blog, and 5 of 6 in the original):


    It proved that the omnipotence of the authorities, from whom wonders had been hoped for, is a delusion and that the man who undertakes to organize social cooperation, the ****, as well as the homo faber, who directs organic and inorganic nature in the process of production, cannot go beyond certain limits.

    What are those "****" covering up?

    Published: May 6, 2006 8:55 PM

  • jeffrey

    I don't know what the *** is supposed to be. Must be some scanning error. I don't have the book handy but I will tomorrow, and I'll post it.

    Published: May 6, 2006 10:10 PM

  • Artisan

    Yes I liked that writing style very much too.

    The libertarian economics probably has a particular seduction power because it strives to fight inconsistency as an essential goal, making very little compromise… unlike those other theories eager to be applied immediately into politics, closing one eye or even both over inconsistencies.

    Published: May 7, 2006 4:09 AM

  • David Cordeiro

    I had just read this article and found its conclusions quite similar to those of Mises:

    http://www.tcsdaily.com/article.aspx?id=050506I

    Published: May 8, 2006 11:50 AM

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