Wednesday, December 13, 2006

Equilibrium Exploitation

Many Harvard econ majors take jobs in investment banking after they graduate. Arnold Kling does a nice job of explaining why, in equilibrium, they will "feel exploited--working incredibly long hours, doing tedious stuff, and toadying up to people in a way that no self-respecting intelligent person would otherwise be willing to do."

Update: Their sex lives will suffer too.