What's the new equilibrium? Job hopping, more entrepreneurship/smaller concerns, institutions that better recognize the value of their best people?
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agreed and in the end I think the genie has to go back in the bottle -- those low-value institutions were still necessary, stripping them of everyone who could possibly get a better deal probably pushes them below long-term viability no idea how this plays out, though
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Wouldn’t the answer be to make them higher-value somehow (pay, prestige, whatever)?
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So this means that a good government bureaucracy depends on inefficiency and underemployment?
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Most assuredly. Ditto for good education (no coincidence that teaching quality declined as more lucrative fields opened up and mobility expanded) and several other vital professions. The system has optimized for outcomes counterproductive to its continuation.
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Not sure if it was about allocation. High social mobility thru education subsidies saps the lower classes from having genuine leaders and advocates.
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