- Apr 2020
Daniel Markovits, author of “The Meritocracy Trap,” estimates there are about one million of these workers in America today. They work really hard, are really productive and earn a lot more. In the mid-1960s, profits per partner at elite law firms were less than five times a secretary’s salary. Now, Markovits notes, they are over 40 times.
That latter statistic is fascinating. Are top partners 8x more more productive (relatively) than secretaries? Maybe but probably not. There's more going on that the crude info economy argument of simply greater marginal productivity. I would also look at concentration of income across law firms - i bet there has been concentration towards the top firms.
But here’s the situation: The information economy rains money on highly trained professionals — doctors, lawyers, corporate managers, engineers and so on.
But why does it rain money on them? And who else does that?
Resource List for pandemic and COVID-19 related topics.
Koren, M., & Petö, R. (2020, March 20). Business disruptions from social distancing. Cornel University. arXiv:2003.13983.
Savanta Coronavirus Data Tracker
URLcdn2.hubspot.net/hubfs/5043860/Covid-19 assets/Full data set PDFs/Savanta Coronavirus Daily Tracker - 30th March.pdf