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[Applause].yeah each year the graduating class.elects a member of the faculty to speak.at their commencement and this year they.have made a very wise choice the class.of 2015 has selected as its speaker.daniel Markovitz who is the Guido.Calabrese a professor of law.[Applause].Daniel received his a B summa laude.from Yale where he won a Marshall.scholarship to study economics.econometrics at the London School of.Economics and at University of Oxford he.returned to New Haven in 1997 and.enrolled at this law school during which.time he simultaneously worked toward and.in 1999 was awarded a doctorate in.philosophy from Oxford he received his.JD the following year after which he.clerked on the second circuit for the.great judge and former Dean after whom.Daniels chair is named Guido Calabresi.and we were wise enough to hire Daniel.the year after that.Daniel's works reflects the diversity of.his talents his writings range from.contracts to legal ethics from.distributive justice to corporate law to.democratic theory in each area his.guiding question has been how law can be.structured to promote respectful human.cooperation even among those who hold.drastically different world views.professor Markovitz discovers the.possibility for such cooperation in the.oddest places for example in contracts.between self-interested buyers and.sellers in litigation between adversary.dispute ins and in political competition.between opposing parties in each case.professor Markovitz argues interactions.that on first glance appear entirely.competitive actually contain elements of.mutual respect that can be harnessed to.produce a fairer and more inclusive.social order in a world of pervasive and.all too often facile interdisciplinarity.Daniel is one of those extremely rare.persons who is actually a true polymath.his work is exceptional both in its.breadth and its depth he is expert in.disciplines ranging from method.economics to the common law of contracts.from philosophical theories of justice.to legal ethics and of Yale is a faculty.that refuses to recognize the sanctity.of traditional disciplinary lines daniel.represents the essence of the.intellectual intellectual audacity and.mastery of this place but he also.exemplifies this institution soul in.another dimension one of our oldest and.most distinguished faculty members.observes of daniel that and i'm quoting.him now it is a mystery how anyone could.be so tall bald fierce looking and yet.in fact be so kind more than anyone I.know.daniel has a great soul he cares deeply.about the well-being of his friends his.students his colleagues and dis.institution and he is virtually.constituted by his empathy generosity.and respect for others and this has made.Daniel a kind of Midwife for what is.best in his friends and colleagues and.students he helps each of us accomplish.what we most dearly would like to.achieve a first-year student who was in.his small group this fall said it best.I'm quoting the student the students.said Professor Markovitz has strong even.radical political views but I only.learned that after I pushed him really.hard in office hours yet you'd never.know it from his teaching he engages.everyone's ideas challenges them to.develop and support their own views even.those with which it turns out he.personally disagrees Daniel represents.the best of Yale both in his care for.those around him and in his care for the.common good and he has an unusually keen.perception of the common good because he.also possesses an extremely rare.combination of profound intellectual.rigor and personal modesty Samuel.Johnson an English essayist once wrote.quoting him integrity without knowledge.is weak and useless and knowledge.without integrity is dangerous and.dreadful few understand and live that.credo more fully than Danny.Markovitz for him a commitment to truth.and a commitment to justice are.inseparable he challenges each of us to.approach the world with concern for the.rigour and moral consequences of our.principles and his precision might be.mistaken for disinterest but it is not.it is quite the opposite.compassion might be a more accurate.description daniel is filled with the.kind of compassion that is informed by a.sense of what is actually best for all.concerned compassion one might say the.way a superb physician or lawyer might.be compassionate compassionate.compassion that is discerning and deep.rather than sentimental and shallow.Daniel stands out because of his.compassion integrity and rigor he stands.out as a teacher and as a friend he.stands out as a scholar and as a.colleague and he stands out for his.distinctive vision of law as a medium in.which we might just might create justice.in the midst of our collective and.fallen human condition so it's my deep.pleasure to introduce this year's.commencement speaker professor Daniel.Markovitz.[Applause].thanks Robert for that immensely.exaggerated introduction and thanks.enormous Lee to the marvelous Ciel law.school class of 2015 for inviting me to.speak here it's it's it's been a.pleasure just a real pleasure to teach.you and it's a privilege to address you.now the Dean runs a tight ship but.nevertheless news gets out here and.countless conversations with you have.made vivid that although this really is.a marvelous occasion your mood isn't.simply triumphalist you've seemed to me.not just celebratory but also.contemplative I'll therefore take this.opportunity this point of inflection in.your lives to offer a diagnosis of your.and our collective condition not to.propose a cure but much more modestly in.the hope that the diagnosis shines a new.light on your own introspection as the.Dean has just observed you are by.acclamation the finest new law graduates.in the world.I don't rehearse this praise just as a.bromide to set a mood and swell as.speeches emotional progress rather I'll.I'll take the fact of your excellence as.my starting point today and then recover.its causes and pursue its consequences.some of these are bright and happy.others Laur more darkly both over the.world and over your distinctive futures.it will be the task of your generation.to disperse these clouds and to reclaim.the sunshine including for yourselves.when I say that you're the country's.best new lawyers I assert a concrete.determinate and determinable fact and in.fact whose demonstration has dominated a.large portion of your lives for a very.long time consider how you got to Yale.in the autumn of 2011.perhaps 75,000 candidates applied to.American.schools perhaps 3000 of these applied to.Yale the law school takes admissions.very seriously three faculty members.independently evaluate each file and.following this process Yale admitted.about 8% of JD applicants our LLM.program similarly admits only about 9%.of those who apply finally almost nine.out of every ten people whom we admit.which is to say virtually everyone.eventually enrolls in other words you're.sitting here today because you ranked.among the top three tenths of 1% of a.massive meritocratic competition and one.in which all the competitors.conspicuously agree about which is the.biggest prize the admissions competition.that brought you here wasn't an.aberration or an isolated moment.moreover rather most of you although not.all came to the law school from highly.selective colleges acceptance rates at.Harvard Princeton Stanford and Yale.colleges to pick some familiar examples.have also averaged around 8% in recent.years and not all of you but again most.came to college from highly competitive.high schools and indeed in many cases.from highly selective elementary schools.and even preschools.a friend a friend who teaches at Harvard.recently wrote to me that his obviously.charming twins were rejected from all 19.preschools to which they applied so our.admissions process in all its patterns.of planning and trimming its rituals of.stage-managed self presentation its.rhythms of ambition hope and worry was.for you.a familiar write for your entire lives.you've studied worked practiced trained.and drilled and then you've been.inspected and finally you're sitting.here after all you've been selected nor.did the training and competition end.when you arrived here people including.me are fond of saying perhaps a little.prayerfully that the rat race ends at.Yale Law School's door but you don't.believe it.more important you act as if you don't.believe it you do almost whatever is.necessary to produce to continue to.distinguish yourselves to learn to shine.there's a sense in which you're right or.at least reasonable to stay in the rat.race you all know the list of plums that.you're competing for and you agree.astonishingly widely which are sweetest.this intensifies your ongoing.competition the clerkships.executive branch posts public interest.jobs elite law firm partnerships and.professorships that you overwhelmingly.most want all have hundreds of aspirants.for each opening a pervasive effortful.and studied competition dust dominates.and even overwhelms virtually every year.of the first three decades of an elite.American professionals life the.competition has become so ingrained that.I imagine it's hard for you to imagine.life without it but the competition is.new it's a striking innovation in.American economic and social life a.stark departure from past practice even.yale law school once admitted nearly a.third of those who applied and by.shockingly casual means a mid-century.graduate recently reported that he came.here after jack tate who was then dean.of admissions told him at a college.fare straightway and on the basis of a.single conversation you'll get in if you.apply things began to change in the.1960s at Yale college president Kingman.Brewster opened Yale to merit over birth.saying that he did not and these are his.words intend to preside over a finishing.school on Long Island Sound Brewster.replaced the entire admissions office.staff at once with a new staff that.increased the incoming classes SAT.verbal score by a hundred points within.a year once the meritocratic genie.escaped its Bala moreover grew.inexorably and it continues to grow ever.stronger the admissions competition at.Harvard Yale Princeton and Stanford.colleges is today three times as intense.as it was just 20 years ago the.competition to get into Yale Law School.is four times as intense as it was at.mid-century so you've reached this day.by winning again and again at an.unprecedented ly demanding and.single-minded competition it makes sense.therefore to ask what victory brings.some good and even wonderful things.others are less wonderful but we'll.begin with the good first night this is.good.you know you join a community really.suffuse with astonishing energy and.talent this shows itself in the ordinary.everyday life of the school your skill.and dedications as students make.teaching here almost effortless you.obliterate the line between pedagogy.properly so-called.and ordinary communication it really is.a privilege for all of us to be able to.sit and stand in front of students.regularly who have the property that if.one explains something moderately.clearly they understand it you have no.idea your your immense talents also show.themselves at exceptional moments and a.really powerful and moving example is.the Dyan demonstration that you.organized last winter in the wake of.police killings in Ferguson Missouri and.on Staten Island you assembled over 500.people and over 30 organizations two.concerted forceful insistently demanding.yet responsible public action on short.notice and at a time of great distress.set aside for a moment the rightness of.the end and marvel at the incredible.effort and talent required to marshal.those means second your successes bring.you immense wealth and Status first-year.associates in New York as you likely all.know today earn over a hundred and sixty.thousand dollars a year a law firm now.exists that generates profits per.partner exceeding five million dollars.annually and fully seventy firms now.generate more than 1 million dollars of.profits per partner every year these.vast sums are also new elite lawyers.real incomes have roughly tripled in the.past half century which is more than ten.times the rate of income growth.experienced by moreover this explosion.in elite lawyers incomes or even.isolated phenomenon instead it fits into.a wider pattern of rising elite labor.incomes across our economy you probably.know that the share of total national.income going to the top.one percent of earners has roughly.doubled in the past three decades but.it's perhaps less familiar that fully.four-fifths of that increase comes from.rising wages paid to elite labour and it.may be more surprising still to learn.that the top 1% of earners and indeed.even the top one-tenth of 1% today o.fully four-fifths of their incomes to.their labour that's unprecedented in all.of human history American meritocracy.has created a state of affairs richest.person out of every thousand.overwhelmingly works for a living this.perhaps explains the otherwise.incomprehensible measure of agreement.among aspirants for elite training about.which plums are most desirable finally.the immense incomes on offer to you.commingle with high social status the.older hereditary caste order for.centuries imposed a social taint on.those who work those who work not from.passion or for exploit or as a calling.but work industriously for wages but.that stigma which remained at.mid-century has today been entirely.erased more directly and immediately.elite lawyers incomes including when.diluted by sabbaticals from private.public service will place you.comfortably above the economic dividing.line that comprehensively separates the.rich from the rest in an increasingly.unequal America perhaps most critically.your lawyerly skills will finance.training your children through private.schools and myriad other enrichments to.thrive in the hyper competition that you.have yourselves in effect just one this.then is where things stand we've become.a profession in a society constituted by.meritocracy massively intensified and.massively competitive elite training.meets massively inflated economic and.social rewards for elite work you in.virtue of sitting here today belong to.the elite to the new super ordinate.working class this structure whatever.its virtues also imposes enormous costs.most obviously it's a catastrophe for.our broader society for the many the.nearly 99% who are excluded from the.increasingly narrow elite there's an.irony here brewster braced Meritage.consciously in order to defeat privilege.under the prior regime pedigree so.dominated university admissions that the.privileged excruciating Lee.underperformed once on campus at Yale.for example the traditional feeder prep.schools which accounted for perhaps of a.quarter a quarter of the class were.underrepresented in Phi Beta Kappa by a.factor of nearly 20 to 1 William F.Buckley Jr in seeking to mock.meritocracy shortly after Brewster's.reforms instead presented an object.lesson in the unfairness that.meritocracy sought to redress you will.laugh he wrote in attacking Brewster's.admissions revolution but today it is.true that a mexican-american from El.Paso high with identical scores on the.achievement test and identically ardent.recommendations from the headmaster has.a better chance of being admitted to.Yale than Jonathan Edwards the sixteenth.from the st. Paul's School just so the.meritocratic.but although it was once the engine of.American social mobility meritocracy.today blocks equality of opportunity the.student bodies at elite colleges once.again skew massively towards wealth.students from households in the top.quarter of the income distribution.outweigh those from the bottom quarter.by fourteen to one and students from the.top quarter out little to quarters.combined the entire American middle.class by nearly three to one the skew.towards wealth that the most elite.universities is almost inconceivably.greater still at Harvard College and.here at Yale Law School to places where.students have skillfully and bravely.compiled data that their universities.suppress as many students come from.households in the top 1% as from the.entire bottom half of the distribution.these facts will shock and they're.designed to shock but a moment's clear.reflection should render them.unsurprising and even.inevitable the excess educational.investment over and above what.middle-class families can provide the.children born to a typical one-percenter.household receive is equivalent.economically to a traditional.inheritance of between five and ten.million dollars per child exceptional.cases always exist as some of you.sitting here prove but in general.children from poor or even middle-class.households can't possibly compete when.they apply to places like Yale with.people who've imbibed this massive.sustained planned and practiced.investment from birth or even in the.womb and workers with ordinary training.can't possibly compete in the labor.market with super skilled workers.possessed of the remarkable training.that places like Yale Law School provide.American meritocracy has thus become.precisely what it was invented to combat.a mechanism for the dynastic.transmission of wealth and privilege.across generations meritocracy now.constitutes a modern-day aristocracy of.a kind purpose-built for a world in.which the greatest source of wealth is.not land or factories but human capital.the free labor of skilled workers this.observation refocuses the argument on.you on the modern day aristocrats now.you are not nor for that matter mi.objects of moral or political sympathy.nevertheless.nevertheless the system does not serve.you well either to begin with life at.the top today requires immense sustained.effort extraordinarily hard work.this also is new in 1962 the American.Bar Association could confidently.declare that there are approximately.1,300 feet earning hours per year.available to the normal lawyer yeah.today by contrast a major law firm.pronounces with equal confidence that a.quota of 2,400 billable hours quote if.properly managed unquote is quote not.unreasonable billing 2400 hours in a.year requires working from 8 a.m. until.8 p.m..six days a week without vacation or sick.days for every week of the year nor are.these to count of 8 hours the peculiar.property of large private practice elite.Public Interest lawyers elite government.lawyers and even elite law professors.all work hours that would have been.thought unimaginable because degrading.by an earlier American elite that.constitute itself self-consciously.as a leisure class today there a badge.of honor when I asked my Professional.Responsibility class how many of them.had once sent an email either late at.night or early in the morning in order.to demonstrate their business their.busyness two-thirds of the hands went up.and someone told me there's an app for.that.now embracing these long hours reflects.an adjustment to a new economic.necessity a rich landowner might extract.rents from his estate idly as a hon TA.but where the source of a person's.wealth is her human capital her skills.she can't get income except by mixing.this capital with her own.contemporaneous labour nevertheless.these hours just by their flat.dispassionate unyielding length inflict.a heavy human burden on those who work.them the imaginative requirements of.living as a superordinate worker impose.a second and profound burden on the new.elite a burden whose full weight you are.the very first generation to feel the.social and economic caste order in which.we're now embedded including through our.celebrations today demands that you.comprehend yourselves on instrumental.terms your own talents training and.skills your self same persons today.constitute your greatest assets the.overwhelmingly dominant source of your.wealth and prestige to promote your.elite Ness.to secure your caste you must ruthlessly.manage your training and labor moreover.and you're the first generation in this.position you've had to do this to act as.asset managers whose portfolios contain.your cells for your whole lives.certainly as long as you can recall to.manage an asset not for its own sake but.rather as a means to an end is to.alienate oneself from that assets true.nature and intrinsic value the older.Vontae elite might administer its lands.and factories in this way without.bearing any significant cost but.administering one's capacities one's own.person in this instrumental mode is.another thing entirely.to live in this way is quite literally.to use oneself up such a life proceeds.under a pervasive shadow at its worst it.squanders the capacity to set and pursue.authentically embraced intrinsically.valued goals even at its best this life.involves deep alienation finally the.choices that you faced again and again.over the course of your lives have.and you too measuring your life in this.way as with coffee spoons it can seem.with warrant as if there is no.alternative to the bright unreal path.that has led you here once more the.elite should not they have no right to.expect sympathy on this account from.those who remain excluded from the.privileges and benefits of high caste.and yet the human burdens of life as a.Han ta of one's own human capital remain.real and waiting I believe from our many.conversations that they explain why you.approached our celebrations today in a.contemplatively arrived we've.constructed a gilded cage that ensnares.the rich and excludes the rest what then.is the way forward I wish that I knew I.could tell you I could tell you and I.would mean it that when you find an.opportunity to trade a little money or.status for a lot of freedom you should.take it you should take it every time.but that thought although honest and.heartfelt is Asha canary it's akin to.insisting that the rat race is over.the fact remains for each of you.individually all the forces that have.brought you to this point remain in play.every incentive is wrong but the broader.picture is more hopeful the new.aristocracy promotes human flourishing.for no one certainly not for the.excluded rest nor even for the ensnared.rich we're trained to think of economic.inequality as presenting a zero-sum game.to suppose the redistribution to benefit.the bottom simply must.burden the top but this is not such a.case reforms that democratize training.and talent would benefit everybody.such democratic reforms would restore.the bulk of Americans to full.participation in an economic and social.order from which they have been for.several decades now increasingly.excluded and democratic reforms invite.the elite you all to accept an almost.costless diminution in wealth and status.in exchange for a massive precious.increase.and ledger and liberty a reclaiming of.your authentic cells the problem remains.of course how to make the global trade.how to re-establish a democratic social.order again I don't know but I do know.that a winning trade winning for.everybody exists and I also know that.you with your vast talents enormous.discipline an immense energy are better.placed than anyone else in our social.order to conceive and to broker the deal.you should keep a reborn Democratic.equality always in mind as you go forth.in your small decisions as well as your.large ones you should support and.sustain one another whenever whenever.you choose equality and freedom over.cast and wealth for yourself and for.others and you should demand that Yale.Law School loyally supports you as you.make these choices the Democratic.project has no better Midwife than you.and so much turns on your efforts now.including not least of all your own.futures thank you and Godspeed.[Applause].

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