Economists as social engineers
In this paper, I make the argument that modern "mainstream" economic thought is inclined towards government intervention and social engineering. To the extent that economic analysis is seen simply as a tool it is likely that economists will recommend greater intervention in the marketplace. Largely, the damage is caused by an ever-increasing emphasis on "short-term" analysis and social discussion. As Joseph Schumpeter wrote "any pro-capitalist argument must rest on long-run considerations. In the short run it is profit and inefficiencies that dominate the picture". Economics has come a long way since Adam Smith, the founder of modern economics, wrote these words, Mainstream economists have a theory that indicates that these inefficiencies cause markets to "fail" and government intervention can improve upon market outcomes. This feeds into the policy recommendations that economists make and also what they teach in the classroom. As an ever-increasing cohort of the population is exposed to these teachings, it is likely that public support for markets will be eroded.