[Malarkey73]

That presumes

That the top 3.4% really were just the smartest - not the also the wealthiest and best connected. There is probably both some dilution of talent and also more competition from all levels of society.

And as to point 1. In the UK at least there is no doubt many many more are doing a lot better at school nowadays. Schools have evened up and pupils work far harder as most jobs require qualifications.

[ben_w]

Those points are why I said academic grades aren’t a perfect measure, and also “Only if everyone became a lot more skilled than their grades imply.”