> When the merit function is geometric, all it takes is a small change of fortune to start a rapid rise or a rapid decline.
> "Turning 100 dollars into 120 is work. Turning 100 million into 110 million is inevitable."
These two sentences contradict each other. Also, if making money was as easy as you say once you have a pile of money the Forbes Rich List would be much more stable than it is. In reality most of the extremely wealthy fail to beat an index fund over the generations because of hubris. The Rockefellers are still rich but their combined wealth as a portion of the US economy is less than the founder of their fortune’s was when he made it.
None of this matters to the organizations offering patents of nobility of course. Ideally they’d be abolished, all real property expropriated and the IP released to the public domain. Anything that reduces their prestige is to the good though. Reducing the fellow feeling of the ruling class by giving them a less concentrated base of experience is to the good.
https://scholars-stage.blogspot.com/2019/12/the-problem-isnt...
> Liberal technocrats give us literally no reason at all to think their interests are aligned with the great majority of people, yet when they are attacked as a governing class they stress their credentials and competency. But it'd be worse if they're doing bad stuff efficiently!
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> The American system of government was built on the assumption that the most salient political divides would reflect geography, not ideology or class. The senator from Massachusetts would share bonds in common with the lay citizenry of Boston that he did not share with a senator from South Carolina. On the national sphere this would allow him to represent the interests of his constituents as if they were his own. This has proven more true at some times in American history than others; yet because of the way American politicians are elected, this sense of representing the interests of a geographically bounded group of people is more true in the political arena than in most others.
> Things have not always been this way.
> Though commentators sometimes speak of the old WASP gentry as an earlier era's national elite, they were not really so: they were the business, cultural, and political elites of one region of America. They ruled the roost in New England and the Mid-Atlantic states. During the WASP heyday these states had greater economic and demographic heft than other regions in the nation, and so families with names like Roosevelt, Adams, and Lodge had an outsized influence on national politics and culture. But those families were not competing against the best and brightest of the entire nation: they were competing with each other. Texas' best and brightest did not strive to get into Harvard—they strove to get into Baylor. They were generally satisfied to be Texas elites, and if they operated on the national stage they tended to think of themselves as such.