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By ADAM DAVIDSON
Published: February 22, 2012
In their book Freakonomics, Stephen J. Dubner and Steven D. Levitt explain, among other things, the odd economic behavior that guides many drug dealers. In one gang they described, the typical street-corner guy made less than minimum wage but still worked extremely hard in hopes of some day becoming one of the few wildly rich kingpins. This behavior isnt isolated to illegal activity. There are a number of professions in which workers are paid, in part, with a figurative lottery ticket. The worker accepts a lower-paying job in exchange for a slim but real chance of a large, future payday.
This more or less explains Hollywood. Yes, the Oscars may be an absurd spectacle of remarkably successful people congratulating themselves for work that barely nudges at the borders of meaningful human achievement. But its also a celebration of a form of meritocratic capitalism. Im not talking about the fortunes lavished on extremely good looking people; no, I mean the economic system that compels lots of young people to work extremely hard for little pay so that its possible to lavish fortune on the good-looking people. Thats the spirit of meritocratic capitalism!
read more http://www.nytimes.com/2012/02/26/magazine/why-are-harvard-graduates-in-the-mailroom.html
Published: February 22, 2012
In their book Freakonomics, Stephen J. Dubner and Steven D. Levitt explain, among other things, the odd economic behavior that guides many drug dealers. In one gang they described, the typical street-corner guy made less than minimum wage but still worked extremely hard in hopes of some day becoming one of the few wildly rich kingpins. This behavior isnt isolated to illegal activity. There are a number of professions in which workers are paid, in part, with a figurative lottery ticket. The worker accepts a lower-paying job in exchange for a slim but real chance of a large, future payday.
This more or less explains Hollywood. Yes, the Oscars may be an absurd spectacle of remarkably successful people congratulating themselves for work that barely nudges at the borders of meaningful human achievement. But its also a celebration of a form of meritocratic capitalism. Im not talking about the fortunes lavished on extremely good looking people; no, I mean the economic system that compels lots of young people to work extremely hard for little pay so that its possible to lavish fortune on the good-looking people. Thats the spirit of meritocratic capitalism!
read more http://www.nytimes.com/2012/02/26/magazine/why-are-harvard-graduates-in-the-mailroom.html