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Comment by fdgsdfogijq | Hacker News Reader

Rather than complain about how VCs arent good investors, people should rail on the system that selects VCs. Which is mostly admittance to prestigious MBA programs/colleges. So please write a post about how those schools arent selecting for good investors, because these diatribes about a "flawed" industry are very surface level compared to the underpinning power structures in america

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How do we distinguish between: "VCs are are selected because they go to school X", "school X is good at creating VCs", and "school X receives more potential VCs"?

My guess is probably more statements 2 and 3 for the usual suspects eg Stanford

It could be mostly 1)

If you hire a smart kid with an MBA from stanford and he gives you a bad name with a series of mistakes, well, bad apples happen. If you hire a smart kid from a no name university and the same happens people will be quicker to blame you.

Credentialism is a thing for the same reason brand recognition is a thing. When a product with good reputation fails it's bad luck. When a product with bad reputation fails it's to be expected. Power perpetuates.

Central planners 2.0, welcome to the soviet union.

In the USSR, there was democratic control by the public at each given level of the economy. Which is why people who were born to poor rural farmers were able to get education, and then get to the top of the USSR's economy and politics.

In the US, that never has been the case. Even in its golden years.

https://whorulesamerica.ucsc.edu/power/class_domination.html

Even in 1960s, 30,000 people (families, children included) dominated all US economic and political institutions. This group was an exclusive group with class consciousness, thwarting any reduction of their control and keeping outsiders out. This phenomenon continues today. Some freak successes in tech space did not change the pattern.

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