This post, an exchange between Andrew Hart, Marshall Steinbaum, and Daniel Markovits, continues their debate from our March 2020 series discussing The Meritocracy Trap.
The Meritocracy Trap’s account of the relationships among elite education, skill-biased technical change, and rising economic inequality is, in my mind, one of the book’s most important arguments, even as it is undoubtedly one of the least discussed. I’m therefore delighted and grateful that Gordon chose to focus his attention on these matters.
This is the third post in our series discussing The Meritocracy Trap by Daniel Markovits. Click here to read all posts in the series. I am grateful to the LPE Blog for hosting this exchange about The Meritocracy Trap. Today’s post will take up Hart’s and Steinbaum’s post and focus on facts, and tomorrow’s will turn to Gordon’s post…
This post turns our attention to The Meritocracy Trap’s argument that industrial policy contributed to the technological innovations that over-reward elite workers at the expense of the poor and working class, and that industrial policy will be essential to build a fairer economy.
Marshall Steinbaum and Andrew Hart argue that Professor Markovits’ The Meritocracy Trap omits capitalists from the story in part by relying too heavily on the flawed theory of human capital.