Is it because they thought that they had studied in higher education, therefore it warrants the world should run in accordance to their will and desire?
Why and why are so many learned academics, illuminated scholars and pedantic professors got so wrong on the world economy, especially after 2008?
This "I am learned, therefore I am" is a common fallacy for many intellectuals, who are most prone to pride and prejudice. They look down to commoners and sometimes their pride and prejudice got the better of them that common sense cannot prevail. In the words of Eric Hoffer---“Scratch an intellectual, and you find a would-be aristocrat who loathes the sight, the sound and the smell of common folk.”
It is pride and prejudice that even the patriarch of the Chicago school of Economics, Paul Samuelson, cannot escape. His classic book, Economics, was a must-read for many Economics students, not to mention that he himself was the first American to win the Nobel Prize in Economics in 1970.
As a student of Joseph Schumpeter, Samuelson followed the teaching/preaching(?!) of his teacher, and firmly believed that Socialism is the natural and logical stage succeeding Capitalism. In the first edition of his book, he predicted that the GDP of USSR would surpass that of USA in the foreseeable future. Despite USSR had never and ever surpassed USA in its entire history, Samuelson's prediction still stand, even after several revisions up till the disintergration of the Russian Empire. Such is the sorry state of a Nobel Laurate!
So a word of advice to today's young students and tomorrow's learned intellectual: Don't base your decision-making by watching the world with a rear-view mirror.