My (probably unpopular here) opinion is just the opposite. We need more of an apprenticeship model where you're not paid a bunch because you're still learning, and you probably bring negative-to-zero value initially. When a fresh-out-of-college junior engineer brings in SV style money, the expectation should be that they already know what they're doing.

In the trades you start off low pay because you're generally more in the way than helpful, but then you gain the experience and knowledge to be valuable.

Even the resident-doctor relationship is like this. Resident are overworked and poorly paid because they are more distracting than the value they add, then there's the big reward at the end.

The grad-student/professor model is kind of like this too except for all the pyramid scheme stuff that happens there.

I think most technical fields need to go to this model where the newbie commits to learning and trying to be valuable instead of rest-and-vest. And then once they're valuable they get paid more in proportion to the value they bring to the field.

In my small company we had to switch about 5 years ago to only hiring folks with lots of experience (10-15 years). We tried hiring younger fresh-out-of-college engineers, but "market rate" was too high and they required too much attention from senior staff and it made us unsustainably unproductive. We wanted to mentor and teach the next generation, but we couldn't afford it.

Let in the chronicles be written, that widespread inability to read and write endeth the chronicles.. class of mistake. Let this be a lesson to all readers of chronicles.. the big failure starts three generations before the white paper appears..