Nevertheless, his claims should be taken seriously and the institutions that receive the most caustic criticism are the media, academia and government. These analyses are among his most interesting and amusing. The government and academia suffer from what he drily calls the ‘Soviet-Harvard’ fallacy: top-down research initiatives resulting in papers that are only read by those wishing to become research directors themselves. Society benefits from its true builders – entrepreneurs and traders – not academics. The numerous failures of businessmen are heroic acts, according to him, ensuring that some succeed where others fail.

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