This in the words of the Eric Meijers, is what is known as the "vegeterian butcher". For Eric, it is why he left Academia (he is a Professor) and headed towards somewhere like Microsoft where he could see the fruits of his labour.
I also think that you find very smart people that are not necessarily academically distinguished, though these are few and far between. Bill Gates, Anders Heijlsberg are not short in the brain department, and in my experience, in the real world meeting business leaders and thinkers, knowing your domain/business through experience is equally valuable.
Most of the time, these people cannot explain what an alogorithm is, but if you try to change a business process for example, having theorised about it, you are in for a big surprise. Both Academia and experience are essential, and the academics should not need to be told this - being as smart as they are - but they always lack this essential experience, hence always vote for x instead of x=y.
PS: In my Avatar I have "The Glass Bead Game" - a nobel peace prize winning book - which is a perfect example of this argument by the way. In it you have Castalia a supreme pedagogic province for the best students. It is secular, but they allow people from "outside". In the end you come to realise that both academia and experience are necessary.