From Human Action — surrounding passage

Anxious not to neglect any source of information available, big business employs staffs of economists and statisticians. Business forecasting fails in the vain attempts to make the uncertainty of the future disappear and to deprive entrepreneurship of its inherent speculative character. But it renders very valuable services in assembling and interpreting the available data about economic trends and developments of the recent past. 4. Economics and the Universities

“Tax-supported universities are under the sway of the party in power. The authorities try to appoint only professors who are ready to advance ideas of which they themselves approve.”

As all nonsocialist governments are today firmly committed to interventionism, they appoint only interventionists. In their opinion, the first duty of the university is to sell the official social philosophy to the rising gen eration. 2 They have no use for economists. However, interventionism prevails also at many of the independent universities. According to an age-old tradition the objective of the universities is not only teaching, but also the promotion of knowledge and science.