1/There are two purposes of meritocracy: A) allocation (send people to what they do best) B) incentives (make people try hard). I think meritocracy helps with both of these, but a lot less than we tend to think.
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This just describes the market, what I would like to see is more intelligent allocation of resource investment in futures.
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If I was super rich I'd just start buying up all the gifted children and providing them with all the resources and opportunities necessary to reach their full potentials. Figure it would be a good investment.
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