Lambda School looks like a charity from the outside, but we’re really more like a hedge fund. We bet that smart, hardworking people are fundamentally undervalued, and we can apply some cash and leverage to fix that, taking a cut.
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Replying to @AustenAllred
Charity? Lol -- There's a significant bunch of people who think its nothing but exploitation. And a classic case of the Principal-Agent problem. https://en.wikipedia.org/wiki/Principal%E2%80%93agent_problem …
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Replying to @AustenAllred @socialgoodguy
I get how it can look like it, but from my pov, Lambda's cap on what they earn from each student solves it.
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The argument that lambda would want their students to take the highest paying job over a better fit doesn't work anymore because of the cap. And I think that's the biggest Principal-Agent problem in this example
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To be fair, that argument definitely still works, just to a lesser extent. It's a $30k cap. Salary could be $50k-$88k/year. I'd imagine there's still a lot of salary variety in that range for entry-level software dev jobs.
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It doesn’t matter what job Lambda wants you to take, we don’t/can’t force you to take any job
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You don't force people to take any jobs, but the incentives are still there to make relationships with co's that offer higher starting salaries. To play devil's advocate, LS also is incentivized to help students find jobs where they'll have high job satisfaction.
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It’s also in the student’s best interest to take jobs where salaries are higher, generally speaking
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With the stories I've seen of the transformation of Lamda students' lives, I'd completely agree.
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