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Lots of good stuff here, but I don't see how it points to any problem in the economics profession. Why is this kind of concentration bad? It could easily be the result of increasing meritocracy, where the top departments hire the top people. Harvard and Yale in 1980, when I was a student, had a lot of deadwood, people who never were very good. I don't think that's true any more.

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Is that the full document that Ken Arrow wrote? I'd love to read it if there's more!

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