Many of the mandarins have never worked for a business at all, except for a think tank, the government, a media organization, or a school—places that more or less deliberately shield their content producers from the money side of things
Megan McArdle and MBB are onto something here. Our meritocracy has many virtues, but it is increasingly insular and impermeable. Fixing this should be as important to those inside the bubble as it is to those outside.
Talent, ideas, enormously impressive capacity exist beyond the credentialed walls of the Ivy League and esteem and respect should be afforded jobs outside elite coastal industries. I’m hopeful democratizing education, crowdfunding (Kickstarter, AngelList) and whatever else comes along will help us recognize this.