University guildsmen and anticapitalism

posted by
January 10, 2012
Ludwig von Mises Institute
by Morgan A. Brown  
Posted in Commentary

"Libertarians have often been puzzled by the hostility that intellectuals harbor against capitalism. Robert Nozick theorized that intellectuals are conditioned by the 'principle of reward in accordance with (intellectual) merit' as children. Intellectuals thus believe that unapplied mental capacity entitles holders of information to rewards that markets do not generally hold out as payment because there is a 'shortfall' in intellectual demand." (01/10/12)  

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