A bunch of commenters here have gotten fixated on two questions: (a) "meritocracy" and what it means or should mean and (b) whether the value of top colleges derives mainly from being exclusive. I think an interesting / illustrative case is the AMA as the credentialing authority for medical schools. An association of people in the profession, who have a clear interest in the supply of doctors being low, has a clear l…
The AMA doesn't restrict the number of people in medical school, you're thinking of residency slots, and they don't restrict that either. They're in favor of expanding the number of residencies available since everyone knows there is a shortage of doctors. The restriction comes from funding since it's all Federal dollars to pay for the training. https://www.ama-assn.org/press-center/press-releases/ama-bui... Congress…
Ditto for legislative solutions. There's too much conflict of interest, susceptibility to lobbying, non-representation of marginalized groups or those who would be doctors but are not because of troubling practices, etc.
From Mises.org[0]
To accomplish the twin goals of artificially elevated incomes and worship by patients, AMA formulated a two-pronged strategy for the labor market for physicians. First, use the coercive power of the state to limit the practices of physician competitors such as homeopaths, pharmacists, midwives, nurses, and later, chiropractors. Second, significantly restrict entrance to the profession by restricting the number of approved medical schools in operation and thus the number of students admitted to those approved schools yearly.
AMA created its Council on Medical Education in 1904 with the goal of shutting down more than half of all medical schools in existence. (This is the Council having its 100th anniversary celebrated in Chicago this weekend.) In six years the Council managed to close down 35 schools and its secretary N.P. Colwell engineered what came to be known as the Flexner Report of 1910. The Report was supposedly written by Abraham Flexner, the former owner of a bankrupt prep school who was neither a doctor nor a recognized authority on medical education. Years later Flexner admitted that he knew little about medicine or how to differentiate between different qualities of medical education. Regardless, state medical boards used the Report as a basis for closing 25 medical schools in three years and reducing the number of students by 50% at remaining schools.
[0]: https://mises.org/library/100-years-medical-robbery
Edit: I see the downvotes, but don't see the justification. I know Mises is an often-unpopular resources, but the above article is well-researched. If there are problems with the line of reasoning, I'd love to hear your perspective on it.