[readthenotes1]

I think the idea was that the truly exceptional would only survive- and all the nearly exceptional and less competent would be in other fields. As a result, supply would plummet because no one would hire anybody less than the best.

I think the more appropriate analogy from the 2001 bust is if those fields turn into similar to professional sports where you have to be unimaginably, talented and skilled and disciplined, and everybody else is playing in the rec league fact for nothing