But apart from this contemporary mood, the ideas of economists and political philosophers, both when they are right and when they are wrong, are more powerful than is commonly understood. Indeed the world is ruled by little else. Practical men, who believe themselves to be quite exempt from any intellectual influences, are usually the slaves of some defunct economist. Madmen in authority, who hear voices in the air, are distilling their frenzy from some academic scribbler of a few years back. I am sure that the power of vested interests is vastly exaggerated compared with the gradual encroachment of ideas. Not, indeed, immediately, but after a certain interval; for in the field of economic and political philosophy there are not many who are influenced by new theories after they are twenty-five or thirty years of age, so that the ideas which civil servants and politicians and even agitators apply to current events are not likely to be the newest. But, soon or late, it is ideas, not vested interests, which are dangerous for good or evil.

– John Maynard Keynes, The General Theory of Employment, Interest, and Money

I rather hope this is true. Though Keynes notes the possibility of truly insidious ideas taking root (just look at the misguided, deeply discompassionate, and un-Christian values of the current leaders of the Republican Party), I do believe that ideas have value and can create positive change if disseminated.

Who knows? Maybe even Shelley will be proved true and poets will become the world’s unacknowledged legislators alongside Keynes’ economists and political philosophers.

One thought on “On the Power of Ideas

  1. The constrain is represented by people. I do belive in ideas, there are people working on new ideas, particulary in economics field after the financial crisis (2007-2008) but interests of few people are stronger than new ideas. Let’s see for example Central Banks, Investment Banks, Oil companies and for sure politicians.
    They creat the world starting from financial market, using the “expetations” they can valuate a company 100 today and 20 tomorrow, even if the company has assets. It drives remarkable consequences to real economy, then to working and social environment and so on.
    Central Banks just play with interest rate of policy, exchange rate, quantitative easing and soo on to influence the financial world together with Investment Banks (see for example the put option between Fed and Banks in USA).
    It is sad actually.

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