What a fantastic article; this might be the high point for my 2019 Hacker News reading. What clarity of vision. It is remarkable reflecting after an article like that on the complete inability of the US political system to organise itself to reward work done rather than access to the super-elite social circles. I'd love to know if this Julius fellow has a take on what mechanisms the 0.1% are using to drive the growin…
> political system to organise itself to reward work done How do you decide which work is valuable and which work isn’t?
Example 1: companies spending on advertising to increase their share of a fixed market.
Example 2: managers hiring more people for their team to look more important within the larger company.
Example 3: if social status is determined by looking tougher than others, everyone will spend resources to look tough.
I think such waste is the main reason for failure of groups, and coordinating to prevent it is the main reason for success of groups.