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In "The Intellectuals and Socialism," originally published in 1949, Hayek explained the appeal of socialist ideas to intellectuals – the "second-hand dealers in ideas." Intellectuals, Hayek argued, are attracted to socialism because it involves the rational application of the intellect to the organisation of society, while its utopianism captures their imagination and satisfies their desire to make the world submit to their own design.

“A proper understanding of the reasons which tend to incline so many of the intellectuals toward socialism is thus most important. The first point here which those
who do not share this bias ought to face frankly is that it is neither selfish interests nor evil intentions but mostly honest convictions and good intentions which determine the intellectual's views. In fact, it is necessary to recognize that on the whole the typical intellectual is today more likely to be a socialist the more he his guided by good will and intelligence, and that on the plane of purely intellectual argument he will generally be able to make out a better case than the majority of his opponents within his class.”

Friedrich von Hayek

Friedrich August von Hayek (1899-1992), recipient of the Medal of Freedom in 1991 and co-winner of the Nobel Memorial Prize in Economics in 1974, was a pioneer in monetary theory and the principal proponent of libertarianism in the twentieth century. He taught at the University of London, the University of Chicago, and the University of Freiburg. His influence on the economic policies in capitalist countries has been profound, especially during the Reagan administration in the U.S. and the Thatcher government in the U.K.