FED CHAIR BERNANKE TO PRINCETON GRADS: MERITOCRACY DOESN'T 'PASS ETHICAL MUSTER'

FED CHAIR BERNANKE TO PRINCETON GRADS: MERITOCRACY DOESN'T 'PASS ETHICAL MUSTER'

He explained that meritocracies were inherently unfair, and that those who were the luckiest needed to give back to society to make the concept of meritocracy work ethically.

“A meritocracy,” Bernanke said, “is a system in which the people who are the luckiest in their health and genetic endowment; luckiest in terms of family support, encouragement and, probably, income; luckiest in their educational and career opportunities; and luckiest in so many other ways difficult to enumerate — these are the folks who reap the largest rewards.”