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As far as many, if not most, intellectuals are concerned, history would show that but does not, because they often see no need to consult history or any other validation process beyond the peer consensus of other similarly disposed intellectuals when discussing economic issues.
They may simply have relied on a peer consensus so widely held and so often repeated as to be seen as "well-known facts" requiring no serious re-examination.
The results show how unreliable peer consensus can be, even when it is a peer consensus of highly intellectual people,* if those people share a very similar vision of the world and treat its conclusions as axioms rather than as hypotheses that need to be checked against facts.
* Such reliance on peer consensus has not been confined to historians or to our times.
The peer consensus that John Stuart Mill relied on included the views of his father, James Mill, a defender of Say's Law and a contributor to the development of that law.
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