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More specifically, Posner uses a greatly oversimplified microeconomic model to show how the "market" for intellectual products forces would-be public intellectuals into the academy. Within the academy they are encouraged to specialize. Here's the kicker: Academic specialization undermines the intellectuals' ability and motivation to make meaningful statements about broader public matters. The results are a largely academic intellectual debate dominated by esoteric, jargon-ridden theses which fail to engage the general public and are frequently dubious in merit.
Worth a read if you're interested in such matters but, beware, the presentation itself is tedious and repetitive. The best bit is the chapter debunking modern, "jeremiad," decline literature. The polemical material of Bloom, Rorty, and Berman doesn't hold much credibility with Posner.
As proof of this, Posner quotes from intellectuals of both the political left and right. For example, in the Clinton impeachment, he points out that both sides put forth dire predictions which turned out to be wrong. Republicans predicted that failure to remove Clinton from office would result in moral chaos, while Democrats predicted the impeachment would bring on an era of sexual McCarthyism. As it turned out, the impeachment saga played itself out without any dramatic effects on American society.
More to the point, Posner rips into the rants of intellectuals from both sides of the political fence. He devotes the better part of an entire chapter deconstructing Robert Bork's "Slouching toward Gomorrah", but also spends plenty of time destroying the arguments of Dr. Paul Ehrlich and Noam Chomsky. He effectively argues that intellectuals who make dire predictions should be held accountable when their predictions fail to pan out.
In sum, this is not an easy read, but a very worthwhile one. If it has any weakness, it is that Posner provides no realistic remedy to the problem of intellectual sloppiness on the part of our so-called intellectuals. He suggests a Web Site that would keep track of their more bizarre pronouncements, but that really isn't the answer. What is really needed is a vigilant news media, one that will hold public intellectuals' feet to the fire and vigorously expose the frauds and charlatans among us.
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