Why Intellectuals Fall for Socialism, by Friedrich A. Hayek. The absence of direct responsibility for practical affairs and the consequent absence of first hand knowledge of them distinguishes the typical intellectual from other people.

submitted by Chipit from mises.org

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[–]Tiwaking 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (0 children)

There's an old joke that goes like this
A policeman finds a drunk on his hands and knees searching for something underneath a street light. The drunk says, without looking up "I'm looking for my house keys"
The policeman asks "Did you lose them around here?"

The drunk replies: "No, but this is the only place which has any light".

The reason why intellectuals fall for socialism is because it has a lot of people looking at it so they focus on it and think that it holds keys to the future. It doesnt. It just happens to be the only place the are looking at.