The root of the problem is that we allow people with high esteemed credentials to run society. They jumped through a hoop. "You got straight As at 14 - 18 years old and got into an ivy league school as a result? Here run this venture fund." "You got a PhD in Economics with a good publication by P-hacking your secret data? Here take a run at the FED with power over the US Economy. Your Phd shows that you are the man f…
All three of those examples are missing a step of like 5-20 years in the middle. Nobody is running a venture fund as a 22 year old ivy grad (barring someone who's taking over for their family member, but in that case it has nothing to do with being an ivy grad), nobody is running the FED right out of a PhD, nobody is a director at a big corporation right out of a PhD. Presumably once those people are in such high-pow…
A common path is:
Graduate Stanford => Work at Mckinsey => Get hired into VC.
Graduate Stanford => Raise 15 Million dollar series A with your buddy => Doesn't matter what happens you will end up rich.
It's not a cynical opinion, I have seen it myself and I am doing very well for myself. I worked under an Economics PhD who was the number one in his class (top 5 phd program) and graduated top of his undergrad at UPenn. His incompetence relative to his credentials shattered my respect for the way that we allocate positions of power