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Lamoille's avatar

What is odd to me is the fundamental assumption that a more educated population will mean a smaller standard deviation in the income distribution. What is the mechanism to action that?

It seems to derive from observing 1965, where there was a more clustered distribution, and noticing that those at the top had college degrees and in some limited cases advanced degrees. So if more of the population gets degrees that distribution will tighten? In the context of the complete elimination of worker power and wage competition from more foreign markets? The economy has changed, the skill mix has changed and employers have far more power relative to their workers. I am not sure why the skill mix would be the primary driver to lessen income inequality.

Deco's avatar

Interesting. The bit about bottlenecking entry into the legal profession is spot on. I’m surprised how few of my colleagues see the sham. Maybe they do, but are thankful for the job and income protection machinations. It was apparent while I was in law school that it was a super high entry fee into the profession. Law school exists to make it impossible for most people to become lawyers, and to provide employment to a bunch of already-lawyers to teach and administer in them and look busy. Did the book also mention that newly minted lawyers straight out of law school don’t know jack and need to be trained from scratch? Ultimately that’s what makes law school a racket. If law school in fact reduced by 3 years how long it would take to train someone straight out of college to practice law, then it would be a soundish training. But it does no such thing. What’s arguably useful about law school can be condensed into a semester, year at most.

Then there’s admission to the bar, another barrier to entry. The bar is supposed to be the ultimate authority to maintain standards of practice and ethics in the profession, but it can do slimy things like protect its own and ignore complaints so actual cancers on the profession can wreak havoc for decades unchecked. https://www.latimes.com/california/story/2021-03-06/how-california-state-bar-enabled-tom-girardi

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