The political class co-opted the economics profession. In America the decline began with the Great Depression where the political class panicked and “didn’t just stand there.” The intellectual support for political activism followed within years of the publication of John Maynard Keynes’ “General Theory” in 1936. That book, coupled with the desperation and pain of the time, provided the opportunity for a paradigm shift in economics.
Friedrich Hayek represented the opposite of Keynesian economics. He was representative of mainstream economics, until Keynes. All that changed back in the 1930s. The following video provides an interesting review of economics, Hayek and our journey toward socialism.