Fifty years ago, the financial world was dominated by well-connected blue bloods who drank at lunch and played golf in the afternoons. Now financial firms recruit from the cream of the Ivy League. In 2007, 47 percent of Harvard grads went into finance or consulting. Yet would we say that banks are performing more ably than they were a half-century ago?

Government used to be staffed by party hacks. Today, it is staffed by people from public policy schools. But does government work better than it did before?

Journalism used to be the preserve of working-class stiffs who filed stories and hit the bars. Now it is the preserve of cultured analysts who file stories and hit the water bottles. Is the media overall more reputable now than it was then?

The promise of the meritocracy has not been fulfilled. The talent level is higher, but the reputation is lower.