Shikha Dalmia and Bryan Caplan Debate Merit and the Market

In a column last week, Reason Foundation Senior Analyst Shikha Dalmia argued that "markets don't reward merit. They reward value." At Econlog, George Mason University economist (and Reason contributor) Bryan Caplan took issue, posting a lengthy critique which argues that "on the free market, value and merit are highly correlated, so markets reward merit after all." The debate picked up again today with a reply from Dalmia, who argues that "the market rewards brilliant ideas, not brilliant people."

Go here to read Dalmia's original article, go here for Caplan's critique, and go here for Dalmia's response.