Meritocracy is bad

Matthew Yglesias in Slow Boring:

And if you talk to people with a curious and open mind, you’ll pretty quickly find out that New York Times reporters are really smart. So are McKinsey consultants. So are the people working at successful hedge funds. So are Ivy League professors. Probably the smartest person I know was in a great grad program in the humanities, couldn’t quite get a tenure track job because of timing and the generally lousing job market in academia, and wound up with a job in finance at a firm that is famous for hiring really smart people with unorthodox backgrounds. Our society is great at identifying smart people and giving them important or lucrative jobs.

This just turns out to be an outcome that still has some problems.

More here.