I didn’t realize that was the acceptance rate, but JFK’s application to Harvard is interesting and that acceptance rate adds context: https://www.theatlantic.com/education/archive/2013/11/jfks-v...
And maybe it’s not people pulling the ladder up behind them - it’s that the ladder has become more visible and desirable without expanding or changing.
I do have some hope with Coursera and EdX. There are now blended programs starting online that allow students to start remote and show they can do the coursework, before completing the rest on campus: https://scm.mit.edu/program/blended-masters-degree-supply-ch...
I’d argue the knowledge is becoming more open and freely available, but the network is not. Maybe the value of the network would drop if it was less personal and more people were there. There is some optimal program size and it’s possible some programs could hold more. At the same time, do we really need more Cal tech grads? Not a slam at Cal tech (I chose the smallest), but how many people with those skill sets do we need vs. graduates from other less specialized schools.
There is something special about Cal Tech’s community, and I don’t know I would want to dilute it just because other people should have the ability to go there to meet some arbitrary “fairness metric”.
The value these institutions have brought, and bring, to the country by making us the top in the world in a number of fields comes from how selective they are and their massive resources they can put toward problems. This makes them attractive to the world’s top talent and gives them the freedom to work on some things without economic constraints, and that’s a societal benefit. Pulling money away because they’ve managed it well could hurt us long term. And it’s not like the Harvard endowment of $40B is just sitting there - it is invested into the economy like other funds until it is needed for investment in the community.
Lastly - just because you didn’t go to one of those institutions doesn’t mean you can’t be successful or attend one for grad school. And I’ve found grad school admissions to be meritocratic.