The meritocracy trap
sethgodin.typepad.com
sethgodin.typepad.com
Sadly unrelated, the term meritocracy was coined by Michael Young - http://en.wikipedia.org/wiki/The_Rise_of_the_Meritocracy - and was supposed to suggest a strongly negative idea. It isn't really used like that these days.
Actually, there are echoes of what he is railing about in the modern 99/1%, destruction of middle class society.
This seems too pessimistic about Silicon Valley. Plenty of well-executed great ideas succeed, and plenty of bad ones fail.