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IBM and Disney are old line ... "fading" companies that are attempting vainly to deal with Baumol cost disease. There's an "American Experience" about Disney in particular that makes it clear that the company has always been on the edge of disaster. It took the Mickey Mouse law to get them this far.

People who are prepared to emigrate seem slightly more likely to take the risk of a startup. And to an extent, the people who emigrate who are also qualified to play that game are largely the children of the elites in their home country.

Never mind how grad schools work.



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