As for the problem of competency, the Dunning-Kreuger graph says it all.
- While people vary little in their perception of competence or incompetence, about all competence is actually held by only 20-25% of people.
This statistic correlates with two other interesting rules of thumb:
- The Pareto observation that 20% of the population owns 80% of the property. The reason being that they’re the only ones competent to make use of it.
- The IQ distribution that suggests that the minimum intelligence necessary to do anything meaningful is what we currently consider 106 or so. That no more than 10% of the population can actually understand a liberal arts education.