Ep. 177 - America's Principle of Meritocracy

Not very long ago, the circumstances to which you were born largely dictated the path your life took.  If you were born into the aristocracy, you likely died the same way.  If you were born into poverty, you likely died the same way.  The United States ushered in a new era of thinking: meritocracy.  It is this notion that a people should rise and fall based on their achievements and not the circumstances of their birth or membership in a social class.  We take this for granted today, but this was a novel idea in the late 18th century. So what are the merits of a meritocracy? How does it foster innovation and hamper cronyism?  To help us grasp this concept, we are delighted to welcome back our all-star student panel and Andrew Langer, President of Institute for Liberty, for this "meritorious" discussion.