@Happytimes2001 I’m not looking for fairness, and it isn’t really the job of private colleges to solve the academic woes of the country.
It is up the state governments and the federal government to make sure that every kid gets access to the same high level of education, no matter what their economic background, and it’s up to state and federal governments to make sure that the public universities and colleges are as good as the private ones. It’s not really up to Yale to solve the public education woes of Mississippi.
However, at the same time, I am extremely bothered by the people who claim that there simply is no problem at all with the education system, and that all of the issues that poor kids have in having the stats and the ECs to be competitive for very selective colleges are the fault of the kids and their families, and that the USA is a fair place where every kids has the same opportunities, no matter what their SES.
Any person who claims that admissions that are solely by “merit”, with merit being stats + ECs are fair and egalitarian is, in essence, making that exact claim.
@ucbalumnus The problem with the Forbes 400 is that they aren’t representing 400 people, they’re representing 400 families. Since 300 of those 400 are over 60, and almost 80 are older than 80, we’re talking about far more than 400 who are in the top 0.01%, of which 276 are self made. For example, Charles Dolan may be a self-made man, but sure as hell his 6 kids aren’t. Gordon More, likely one of the smartest of the billionaires, is self made, but his kids and grandkids aren’t.
So those 400 aren’t the “top 0.00025%”, they are 400 of the 1,600 or so people who make up the top families by wealth. Of those people, 17.35% are self made.
According to this study, 37.8% of the top 10% received, on average about $1.2 million, at the top 1% it was 41.1% and the average was $4.8 million. The study didn’t check the top 0.1% or the top 0.01%, though. However, it is likely that the percent is higher as are the amounts.
Of course, it also depends on what one calls “inheritance”. If a kid gets an expensive education, get set up in a very high paying job, gets stocks, etc, how much of that can be considered “inheritance”?
Moreover, while I may have underestimated how many tech billionaires there were who sold their own product, I am quite correct in that the majority of people who didn’t inherit their money made their money in finances. They are business people.
Even the majority the tech people are only super wealthy because they were able to market their stuff. Hundreds of drugs are created or invented every year, yet only one man was able, or willing to translate that into billions.
Of the billionaires, the people who actually created a new product were Larry Page, Sergey Brin, Larry Ellison, Jan Koum, Gordon More, Brian Acton, Gabe Newell, Nathan Blecharczyk, Elon Musk, and Evan Spiegel, and maybe a few more. The rest made their money by monetizing existing concepts, software, and technology.
Bottom line, even those tech geniuses did not make money because they were tech geniuses. They made their money because they understood the marketing potential.
I still stand by my claim that the correlation between intelligence and income is spurious at best.