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Although educational credential inflation expands on false premises—the ideology that more education will produce more equality of opportunity, more high-tech economic performance, and more good jobs—it does provide some degree of solution to technological displacement of the middle class. Educational credential inflation helps absorb surplus labor by keeping more people out of the labor force; and if students receive a financial subsidy, either directly or in the form of low-cost (and ultimately unrepaid) loans, it acts as hidden transfer payments. In places where the welfare state is ideologically unpopular, the mythology of education supports a hidden welfare state. Add the millions of teachers in elementary, secondary, and higher education, and their administrative staffs, and the hidden Keynesianism of educational inflation may be said to virtually keep the capitalist economy afloat.

As long as the educational system can be somehow financed, it operates as hidden Keynesianism: a hidden form of transfer payments and pump-priming, the equivalent of New Deal make-work setting the unemployed to painting murals in post offices or planting trees in conservation camps, Educational expansion is virtually the only legitimately accepted form of Keynesian economic policy, because it is not overtly recognized as such. It expands under the banner of high technology and meritocracy—it is the technology that requires a more educated labor force. In a roundabout sense this is true: it is the technological displacement of labor that makes school a place of refuge from the shrinking job pool, although no one wants to recognize the fact. No matter—as long as the number of those displaced is shunted into an equal number of those expanding the population of students, the system will survive.

Meritocracy is the propaganda we use to bless the charade.

[...]

Capitalism is an amoral farce in which every player--investor, employee, entrepreneur, consumer--is complicit.

But hey, look at these shiny iPhones. Right?

What is often forgotten is that Michael Young's 1958 book, The rise of the meritocracy, which introduced the word, was a satire, not a blue print. Its point was the smugness of those who rose to the top of such a society and believed not only that they deserved whatever rewards flowed from that, but also that their own children would deserve them too reflecting the advantages of their inherited abilities, as well as the way they would be brought up.

Yes, in theory, a shoeshine boy from a poor provincial town in Peru can go to Stanford and do a PhD, as the former Peruvian President Alejandro Toledo has done, but for one Toledo we have millions of Peruvian children who did not even make it to high school. Of course, we could argue that all those millions of poor Peruvian children are lazy good-for-nothings, snice Mr. Toledo has proven that they too could have gone to Stanford if they had tried hard enough. But I think it is much more plausible to say that Mr Toledo is the exception. Without some equality of outcome (of parental income), poor people cannot take full advantage of equality of opportunity.

[...] The business is as close to being a pure meritocracy as anything ever gets in the real world, and it's only because these guys know they are good that they have the confidence to call themselves cable trash.

"Maybe Microsoft cares if you have a degree, but the startups don't, and the companies that care about preserving startup culture don't. It's a meritocracy out here. Especially if you drop out of a really good school with a good reputation out here, like CMU. [...]"

[...] The institutionalized meritocratic system helps a few to gain access to positions they merit and from which they might otherwise be barred. But it allows many more to gain access to positions on the basis of ascribed status under the cover of having gained this access by achievement.

[...] With the eras of aristocratic and plutocratic legitimacy gone (at least in their pure forms), the contemporary mythogenesis of the university degree, as Bourdieu repeatedly insisted, struggles to hide its own indifference to content and its only true mission, which is to certify ‘elites’, namely, to provide alibis to the distribution of individuals within the social division of desire.

At the same time, we should recognise that this production of subjectivity was not simply an external imposition. Hegemony, in all its forms, operates not as an illusion, but as something that builds on the very real desires of the population. Neoliberal hegemony has played upon ideas, yearnings and drives already existing within society, mobilising and promising to fulfil those that could be aligned with its basic agenda. The worship of individual freedom, the value ascribed to hard work, freedom from the rigid work week, individual expression through work, the belief in meritocracy, the bitterness felt at corrupt politicians, unions and bureaucracies – these beliefs and desires pre-exist neoliberalism and find expression in it. Bridging the left–right divide, many people today are simply angry at what they see as others taking advantage of the system. Hatred for the rich tax evader combines easily with disgust for the poor welfare cheat; anger at the oppressive employer becomes indistinguishable from anger at all politicians. This is linked with the spread of middle-class identities and aspirations – desires for home ownership, self-reliance and entrepreneurial spirit were fostered and extended into formerly working-class social spaces. Neoliberal ideology has a grounding in lived experience and does not exist simply as an academic puzzle. Neoliberalism has become parasitical on everyday experience, and any critical analysis that misses this is bound to misrecognise the deep roots of neoliberalism in today’s society. Over the course of decades, neoliberalism has therefore come to shape not only elite opinions and beliefs, but also the normative fabric of everyday life itself. The particular interests of neoliberals have become universalised, which is to say, hegemonic. Neoliberalism constitutes our collective common sense, making us its subjects whether we believe in it or not.