But he says a bunch of other things that to me represent a confused conflation of ideas. Here’s Zingales:
America became known as a land of opportunity—a place whose capitalist system benefited the hardworking and the virtuous [emphasis added]. In a word, it was a meritocracy.
That’s interesting—-and revealing. Here’s what I get when I look up “meritocracy” in the dictionary:
1 : a system in which the talented are chosen and moved ahead on the basis of their achievement
2 : leadership selected on the basis of intellectual criteria
Nothing here about “hardworking” or “virtuous.” In a meritocracy, you can be as hardworking as John Kruk or as virtuous as Kobe Bryant and you’ll still get ahead—-if you have the talent and achievement. Throwing in “hardworking” and “virtuous” seems to me to an attempt (unconscious, I expect) to retroactively assign moral standing to the winners in an economic race.
See here for the rest of the story (including why I thought it was worth blogging on this in the first place).