New Books in Economics Jessi Streib, "The Accidental Equalizer: How Luck Determines Pay After College" (U Chicago Press, 2023)
Mar 2, 2026
Jessi Streib, Associate Professor of Sociology at Duke University and author studying how luck shapes hiring and earnings. She introduces the idea of "luckocracy" and explains how hidden information and class-neutral hiring practices can equalize pay. Discussion covers methods following business students, how luck persists after hiring, colleges’ role in credentialing, and tradeoffs of a luck-driven labor market.
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Luckocracy Explains Equalized Pay For Graduates
- Luckocracy is an opportunity structure where outcomes are allocated by guessing rather than class-based resources.
- Hidden information plus class-neutral hiring means students who guess best get the highest pay, not the most advantaged.
Scope Is Mid Tier Business Labor Market
- Findings apply to mid-tier business jobs hiring from non-elite universities, not elite firms.
- Roles include inventory tracking, project management, entry-level HR and research—everyday business functions.
Hidden Pay And Vague Criteria Force Guessing
- Employers hide key information like pay and specific evaluation criteria, forcing applicants to guess.
- General career advice (communication, leadership) is vague and employers disagree on what those skills concretely mean.
