Credentialism is why. That is, the overinflation of the importance of credentials to keep belief in a meritocracy alive. A few years ago, when unemployment was higher, I learned that AmLaw 100 firms (i.e. the biggest U.S. law firms) were requiring applicants for runner positions to have a bachelor’s degree. A runner literally just schleps documents around between offices, a job that normally would be a good way to integrate people with intellectual deficits into society, but they required a bachelor’s as a useful screening tool for the hiring process.

If we send more people to schools to get the better credentials, it doesn’t create more room at the top of the social pyramid. It just makes the requirements for entry more exclusive. And that benefits the kids born wealthy, because they can afford to get that MD-PhD to get in the door.