People are not embracing collectivism because they have accepted bad economics. They are accepting bad economics because they have embraced collectivism.

A society that robs an individual of the product of his effort, or enslaves him, or attempts to limit the freedom of his mind, or compels him to act against his own rational judgment ... is not, strictly speaking, a society, but a mob held together by institutionalized gang-rule.

If it is now the belief of my fellow men, who call themselves the public, that their good requires victims, then I say: 'The public good be damned, I will have no part of it!