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So why are the humanities still looked upon as the 'stupid' arm of academic study by so many?
You didn't say where this attitude was found. I've never heard anyone say that historians lack intelligence (as an occupational group). You also mentioned social sciences in this connection. You need only read
Econometrica to find social sceintists who display mathematical sophistication.
What I have heard sometimes is that
research in some branches of humanities is "mined out" (for example, it is unlikely that anyone now living will ever find anything both new and useful to say about Dante's
Inferno) and unpromising in any practical way (reading the
Inferno is a consumption activity, not a production activity, so even "successful" research won't ever pay for itself).
Is that really true? Meh. One of the most conspicuously intelligent people in the world, Rudolf Arnheim (yeah, I know, you've never heard of him, googlebingery will establish that I'm not making him up), devoted much of the final years of his life to re-examining the
Inferno. There's a limit, then, to how stupid that activity can be. Perhaps it "pays off" in some other way.