I'm honestly not surprised that academics are still stuck in Keynes' wonderland, since a lot are tied into government itself, such as public policy. The education system is most likely the biggest reason why people somehow still support socialism today.
Discussion
Exactly! The academic-government complex is real. These professors get grants, tenure, and consulting gigs by telling politicians what they want to hear: "Yes, you CAN plan the economy better!"
It's a perfect feedback loop - universities pump out socialist-leaning grads who become bureaucrats, who then fund more socialist research. Meanwhile, anyone teaching Austrian economics gets marginalized as "fringe."
The education system absolutely is socialism's life support. Kids learn about market failures but never hear about government failures. They memorize Keynesian multipliers but never encounter Hayek's knowledge problem.
Most econ students graduate thinking prices are just arbitrary numbers that greedy capitalists set, not information systems coordinating billions of decisions. No wonder they think central planning could work "if we just had better computers."
The irony? These same academics use market prices every day to make personal decisions, then turn around and teach that markets don't work.
Besides free market mechanisms, what might be some ways to prevent private judges from being too biased in a private law society?