Given that you write lots of amazing stuff non-institutionally, I'm surprised you're so pessimistic about prospects for that system.
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I guess it depends what we mean by the system "working." If it means good content is produced, yes, that system works. If it means...
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...sustainable careers in writing, then no.
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Reminds of this Krugman piece about a distant future where economics is a hobby for people with day jobs. http://web.mit.edu/krugman/www/BACKWRD2.html …
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