Marginal Revolution asks: why isn't there more of it.
A pretty good comment section as well. I added my two cents to a particular commenter:
I agree you will find similar correlations in other industries, but I would further argue, the more idiosyncratic the industry, the more likely individuals will follow in family footsteps (whether you want to identify that as nepotism or something more benign). The barrier for entry for idiosyncratic industries is tougher for outsiders and gives insiders an advantage. And obviously, the usual things that attract people: money, lifestyle, work enjoyment, etc, will exacerbate the phenomenon.
You will probably find the same dynamic in "unattractive," yet idiosyncratic, industries like joining the Mafia or a terrorist organization.
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