Second, Piketty and fellow French economist and University of California, Berkeley, inequality researcher Emmanuel Saez are arguably the most important public intellectuals in the world today. Their research is driving the economic agenda pushed by Washington Democrats and promoted by the mainstream media. The soft Marxism in Capital, if unchallenged, will spread among the clerisy and reshape the political economic landscape on which all future policy battles will be waged. We’ve seen this movie before.
John Maynard Keynes and Friedrich Hayek famously squared off in the 1930s, Left versus Right. But when Keynes published his revolutionary General Theoryin 1936, Hayek went silent. It was a de facto retreat that helped give free rein to anti-market forces — even if that was not what Keynes intended — for decades until Milton Friedman and Anna Schwartz wrote A Monetary History of the United States in 1963 and energized the intellectual fight against statism. Who will make the intellectual case for economic freedom today?