A thing I believe with medium confidence: One reason many institutions today are weaker than counterparts were generations ago was that allocation of smart people got more efficient for certain definitions of efficient, and institutions no longer benefit from so much free lunch.
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Government: "We could do so much good if we just got all the rocket scientists!" Me: "When you had them, you put some to work doing manual calculations in the Social Security Administration and others to work attempting to maximize efficiency at killing other rocket scientists."
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Government: "But if we had them *now*, we would do so much more!" Me: "Finance argues that it employs them teleporting value through time and space." Government: "That's an extremely optimistic reading of what they do for a living!" Me: "But they have existence proofs."
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