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The facade is central to the business model. If the only people going to elite schools were rich and politically-connected: (1) It would look bad for everyone

The facade is central to the business model. If the only people going to elite schools were rich and politically-connected: (1) It would look bad for everyone involved. (2) The schools would lose their prestige. Right now, if I want a good lawyer, I look to Yale, followed by Harvard/Stanford/Chicago. I have a 70% chance of getting a brilliant lawyer, and a 30% chance of getting a rich douchebag. For law firms, it doesn't actually matter too much, since reputation is mostly circular. If I want a good engineer, I look to MIT/Stanford/Caltech. I have a 80% chance of getting a good engineer, and a 20% chance of getting a rich douchebag. That's not a guaranteed hire, but it gets you in the door. Hopefully, my interview will screen out the rich douchebags, but it doesn't always. That model is breaking down a little bit, since people are starting to notice that the typical engineering applicant from e.g. Georgia Tech, Northeastern, or similar is better than MIT/Stanford/Caltech+++. Upside to rich douchebags: They're past the first round of all hiring processes. Between university brand and network, their kids can always find at least upper middle class jobs. In a best case, they can go on to be president! Or if they're running a company, they don't look obviously nepotistic. +++ It's worth noting there are sample biases here. Most qualified MIT/Stanford/Caltech graduates can find jobs without going through proletarian hiring processes, so the people who do actually apply for jobs through my web site are prefiltered.

bilbo0s 6y ago
The schools won't lose that prestige, however, because the majority of the kids they admit are academically gifted. If, say, 30% of a class are legacies, that means they pick and choose 70% of the class from academically gifted kids who are verified to be, "Our kind of people". (With all the exclusionary connotations of that phrase.) What we're talking about is the connection, during formative years, of the academically gifted to the ultra wealthy and ultra powerful. The idea that this would result in less prestige is fanciful in the extreme.

bilbo0s 6y ago

The schools won't lose that prestige, however, because the majority of the kids they admit are academically gifted. If, say, 30% of a class are legacies, that means they pick and choose 70% of the class from academically gifted kids who are verified to be, "Our kind of people". (With all the exclusionary connotations of that phrase.) What we're talking about is the connection, during formative years, of the academically gifted to the ultra wealthy and ultra powerful. The idea that this would result in less prestige is fanciful in the extreme.