we're in good hands

We do not discuss the effect of prolonged mass schooling using a factory model nor do we measure the effects of grading and testing on real understanding. If people can regurgitate material systematically on tests but not truly comprehend, if people become excessively peer-oriented and lack independent judgement capability, if people do not think through models but accept them because they are used to an authoritarian and hierarchical model, how would we know? How would we know if a mass schooling system was not working for those who are the successful products of that system?

Would we have a financial crisis that the best and brightest couldn't foresee? How would we know if the mass system of schooling had core systemic issues? How do you differentiate "deep confidence in forecasting models" from excessive peer-orientation?

Inside the Fed in 2006 - A Coming Crisis, and Banter - NYTimes.com:

"The transcripts of the 2006 meetings, released after a standard five-year delay, clearly show some of the nation’s pre-eminent economic minds did not fully understand the basic mechanics of the economy that they were charged with shepherding. The problem was not a lack of information; it was a lack of comprehension, born in part of their deep confidence in economic forecasting models that turned out to be broken."

background posts
creeping institutionalization
the best and the brightest