One might ask how they explain the moats already. A nurse can do plenty of what a doctor does. One questions if a law partner is really producing 10x the work o

One might ask how they explain the moats already. A nurse can do plenty of what a doctor does. One questions if a law partner is really producing 10x the work of a new law grad to justify that hourly difference. Same is true for banking; all that money spent on salary, bonus, stock options, converted to luxury homes, products, and services, is surely a waste compared to the "efficiency" one might get out of a math post doctoral researcher clearing only $54k a year in academia. All examples of a field carving out a safe and luxurious harbor for themselves, protected by various degrees of regulation and cartel behavior, that has been practiced long enough now so as to be an unremarkable and widely accepted part of the field.