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Definition from Dictionary, a free dictionary
The ideas of economists and political philosophers, both when they are right and when they are wrong, are more powerful than is commonly understood. Indeed the world is ruled by little else. Practical men, who believe themselves to be quite exempt from any intellectual influence, are usually the slaves of some defunct economist.John Maynard Keynes
Sol Steinmetz, in "Yiddish and English: The Story of Yiddish in America", suggests that this figurative derivation of "schmaltz" does not exist in Yiddish. 
- (uncountable) Liquid chickenfat
- (uncountable) Excessively sentimental art or music
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