> what is the economic rationale for having a bunch of educational resources and top students concentrated in a few small elite schools? ... the country’s most talented people into the country’s most important jobs
I don't think that's it at all. I believe nearly anyone could be among "the country's most talented people" if they were wealthy, given access to near-limitless resources, accepted into an elite school. If the same money was put toward social mobility, the most successful people in our country could be folks who grew up in poverty. Most Ivy League students weren't born smart. They're exceptional because they were given access to what they needed to succeed.
> toxic elitism that has permeated American society over the last four decades ... where only a few people and institutions matter and everyone else is left to watch...
That's been happening for much longer than four decades, lol