One of my professors in undergraduate once told me that "there are more positions than geniuses". I think the returns to mediocrity seem to be diminishing and this has some severe implications for the society. It seems more and more of our economic activity is organized around a tournament structure where a small minority receive enormous payoffs and the rest benefit very little.
Reality televison is the cultural canary in a coal mine that marks this broader employment trend with shows like 'The Apprentice', 'The Amazing Race', 'American Idol', 'Survivor', 'The Bachelor','The Bachelorette','The Biggest Loser' etc...
As recently reported by the NY Times,
"Now, many economists fear that the comfortable Plan B jobs are disappearing. Technology and cheaper goods from overseas have replaced many of the not-especially-creative professions. A tax accountant loses clients to TurboTax; many graphic designers have been replaced by Photoshop; and the small shopkeeper by Home Depot, Walmart or Duane Reade. Though a lottery economy is valuable to various industries, the thought of an entire lottery-based economy, in which a few people win big while the rest are forced to toil in an uncertain and not terribly remunerative dead-end labor pool, is unfair and politically scary. If large numbers of people believe they have no shot at a better life in the future, they will work less hard and generate fewer new ideas and businesses. The economy, as a whole, will be poorer."
This is not new, Frank and Cook identified this emerging trend 17 years ago. Robert Shiller advocates redistribution to prevent inequality from increasing.
Reality televison is the cultural canary in a coal mine that marks this broader employment trend with shows like 'The Apprentice', 'The Amazing Race', 'American Idol', 'Survivor', 'The Bachelor','The Bachelorette','The Biggest Loser' etc...
As recently reported by the NY Times,
"Now, many economists fear that the comfortable Plan B jobs are disappearing. Technology and cheaper goods from overseas have replaced many of the not-especially-creative professions. A tax accountant loses clients to TurboTax; many graphic designers have been replaced by Photoshop; and the small shopkeeper by Home Depot, Walmart or Duane Reade. Though a lottery economy is valuable to various industries, the thought of an entire lottery-based economy, in which a few people win big while the rest are forced to toil in an uncertain and not terribly remunerative dead-end labor pool, is unfair and politically scary. If large numbers of people believe they have no shot at a better life in the future, they will work less hard and generate fewer new ideas and businesses. The economy, as a whole, will be poorer."
This is not new, Frank and Cook identified this emerging trend 17 years ago. Robert Shiller advocates redistribution to prevent inequality from increasing.
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