[mjn]

I wonder if there are high-profile areas that don't follow that model currently? Given that we're on HN, startups are another example that comes to mind, with the entire VC industry based around trying to hit those rare 100x (or 1000x) exits, and plenty of people happily willing to work towards the small odds of being the one.

[bradleyjg]

Doctors are a counterexample. While there are certainly richer and more prestigious specialties than others, once you hit medical school there's not much attrition. Then once you make MD even the lower paid specialties are pretty well paid, and have great job security. It's not like BigLaw where getting in the door is only the first step and there's a long way to fall.

[andreasvc]

Perhaps the free software movement and wisdom of the crowds phenomena such as wikipedia are a counterpoint? While both have big players with more influence, it's not a zero sum game as there is room for people to work on long tail stuff.

[rachellaw]

any inelastic demand markets will not follow that model. tournament-systems rely on incredible elasticity of demand so any small change will cause ripple of larger magnitude (i.e. if a new VC joined in the supply of VCs, it will cause 1000x more startups to be funded in order of magnitude)

Equity/stock traders is one of them because of legislation that fixes the commission price per lot (so the banks cannot really use information asymmetry as an advantage) Not all banking is as profitable as people think it is