In discussing Deficits ad Absurdum, Arnold Kling ends up examining academia and the real world:
The Obama Administration is being populated with outstanding academics, like Larry Summers and Cass Sunstein. It is not surprising that the academic world is expressing a lot of confidence in giving them huge amounts of power. These are people who are more than three standard deviations higher in IQ than average, but I still suspect that this leaves them more than three standard deviations below what would be needed to justify giving these technocrats $10,000 from every household in America to spend at the their discretion (I’m adding the remainder of the TARP to the stimulus, since it is getting harder and harder to distinguish the two concepts from one another). The folks working on the stimulus package are not people who have spent time in middle management in a large organization, where you see how life differs from a calculus problem or a term paper.Right now, the typical academic cannot imagine Obama’s team doing anything stupid. The upper class in Britain felt the same way about its generals in 1916.