This was a really inspiring speech. The entire speech is very valuable to read, but to give a TLDR: the new aristocracy is defined as the elite that gains their wealth through their labour rather than their assets. It's new because 50 years ago, the elite was more based on capital than their own work. It points out that you can exploit your capital without damage to yourself, but you can't exploit your own capacity t…
A New Aristocracy: Yale Law School Commencement Address (2015) [pdf]
51–60 of 87 posts
Re: A New Aristocracy: Yale Law School Commencement Address (2015) [pdf]
#52FWIW, the issue with life experience anecdotes is that they don't control for genetic confounding. Most rich kids have both the environment their parent created for them, as well as the genes their parents gave them. So it's impossible to tell which is more important in determining the life outcomes we see. There is a whole discipline called behavioral genetics that uses twin and adoption studies and, increasingly, g…
Re: A New Aristocracy: Yale Law School Commencement Address (2015) [pdf]
#53This is the sort of self congratulatory pablum that every ruling class believes about itself.
I can't agree that it was just a self congratulatory speech. You have to speak to your audience. Some degree of pandering is expected and necessary. And, the final message was still very clear: here are the problems, you folks are supposed to be the best and the brightest, work towards finding the solution.
Whatever else, you have to admit that's one damn well written speech.
Re: A New Aristocracy: Yale Law School Commencement Address (2015) [pdf]
#54My school and work experience span working class coal power plant techs (a friend used to climb through exhaust channels) to Ivy League educated lawyers and founders. Most people’s career trajectory will be set by the time they are in high school, so the importance of secondary school education and resources of your parents is paramount. Also, wealth from family of origin allows risk taking, funding for law or medica…
Going to Yale law is a very low risk strategy.
Getting a traineeship at the time (this was the 1990s) was often heavily influenced by connections and appearance!
Re: A New Aristocracy: Yale Law School Commencement Address (2015) [pdf]
#55Earlier quoted context omitted.
I agree but I am not convinced wealth plays a big role. In France, higher education is pretty much free, and you see probably an even larger lack of social diversity than the US in the most ellitist programs (medecine, engineering, business). In the US there are always ways to finance education if you are a good student. I think family culture, peer pressure and the school pushing you to go the hard path is by far th…
As a European from a poor-ish lower middle class background, I can tell you that even free university doesn't cut it economically. The thing is, every year you stay at school is a year that you're a financial drain to your family and a year that you're not being an active money earner. For many, it's simply not affordable to be in their formative years until they are 22 (likely even longer if studies take more than 4…
Re: A New Aristocracy: Yale Law School Commencement Address (2015) [pdf]
#56Earlier quoted context omitted.
As a European from a poor-ish lower middle class background, I can tell you that even free university doesn't cut it economically. The thing is, every year you stay at school is a year that you're a financial drain to your family and a year that you're not being an active money earner. For many, it's simply not affordable to be in their formative years until they are 22 (likely even longer if studies take more than 4…
Whoa, you don't need to drain your parents for 100% of the costs when on university. I was never very good student because it took me long time to memorize things compared to most peers, but even lame partying me was able to get a part time side job, was able to go to work&travel programme to US during long summer break etc. It might be hard to finance all your university expenses by yourself, but you can definitely…
Europe is quite diverse, so your experience might be very different, but here part time jobs are really scarce, and as I said even if you find one it is quite likely that you won't be able to fit it with your uni schedule.
Most degrees have a schedule where theory is taught in the morning and practical classes in the evening or the other way around: For chemistry students for example that would be theoretical classes and laboratories, but an ill-conceived attempt at uniformity made it so that even for fully theoretical degrees like math you still have those "practical laboratories" where you'd basically just be going through exercises. Attendance is mandatory for everything.
> It might be hard to finance all your university expenses by yourself, but you can definitely cover a lot without any real impact on your studies. Just be more effective with your free time
While you are right that you can ease the load (summer break jobs are certainly doable), even if you're able to do that, for many people just taking care of part of the cost (or even all) isn't enough. It's not only about higher education having a cost, it's also about the cost of opportunity, since their potential income is needed at home. A year studying might be a year that the family can't afford turning the heating on in winter, or mom being unable to go to the dentist, or your sister not having new clothes. The student sees that every single day while knowing that if they just forget about uni and get a job wherever, they can start solving those problems straight away. It's clearly not the best long term decision financially, but the humane factor is crucial and hard to explain unless you've been there.
Re: A New Aristocracy: Yale Law School Commencement Address (2015) [pdf]
#57My school and work experience span working class coal power plant techs (a friend used to climb through exhaust channels) to Ivy League educated lawyers and founders. Most people’s career trajectory will be set by the time they are in high school, so the importance of secondary school education and resources of your parents is paramount. Also, wealth from family of origin allows risk taking, funding for law or medica…
Why not make an agreement with acquaintances that they fund (a part of) the tuition fees of your degree course. On the other hand you have to give them back a percentage of your gross income for the next, say, 10 years after finishing university. This should mitigate the problem a lot.
Re: A New Aristocracy: Yale Law School Commencement Address (2015) [pdf]
#58Earlier quoted context omitted.
Its the same in France - though those that go to ENA are an order of magnitude more competent than some one who does a PPE at Oxbridge.
I suspect the attitude in the relevant areas of the UK to your comment would be to be dreadfully amused at the idea that "competence" was a relevant factor ;-)
Re: A New Aristocracy: Yale Law School Commencement Address (2015) [pdf]
#59My school and work experience span working class coal power plant techs (a friend used to climb through exhaust channels) to Ivy League educated lawyers and founders. Most people’s career trajectory will be set by the time they are in high school, so the importance of secondary school education and resources of your parents is paramount. Also, wealth from family of origin allows risk taking, funding for law or medica…
> Also, wealth from family of origin allows risk taking, funding for law or medical degrees, which for lower income students represent a huge risk so they go to safer less lucrative fields. Why not make an agreement with acquaintances that they fund (a part of) the tuition fees of your degree course. On the other hand you have to give them back a percentage of your gross income for the next, say, 10 years after finis…