It matters quite a bit what the return to competence is, whether one models the returns to competence as being static or increasing (or decreasing), what one models the present distribution of competence as, and whether we can intentionally change competence in the small or large
My general beliefs on this are that competence is incredibly useful but the incentive systems for it vary *incredibly* between e.g. industries and positions, the rewards to competence are functionally static in some professions for 50+ years and *very increasing* elsewhere.
This generally allocates competence towards places which reward competence and away from places which don't reward competence. This is fortunate to the extent that we are happy with that and unfortunate to the extent we want competent administration in places it is not rewarded.
