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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Replying to @patio11
What do you think were the innovations in talent allocation?
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Replying to @aulderic
The most important one is capitalism, broadly writ, but one can make a long list of optimizations that distinguish 2019 US from 1919 US, including vastly less employment discrimination, IQ tests laundered through widespread college credentialing, movement to cities, etc.
6:45 PM - 20 Dec 2019
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