https://www.city-journal.org/diversity-equality-of-opportunity
NASDAQ recently proposed new diversity requirements for the corporate boards of companies listed on the exchange. “Successful companies must cultivate diversity to fuel innovation and to thrive in today’s era of ongoing environmental, social and economic change,” said TechNet president and CEO Linda Moore in support of the proposal. The NASDAQ proposal arbitrarily determines that a minimum of two directors must be female, minority, or LGBT. The criteria are not linked in any meaningful way to the demographic profile of society; they merely reflect the do-gooder biases of NASDAQ executives and influencers.
The proposal, does, however, raise interesting questions about the broader implications of diversity. Whether diversity is valuable to a business—or for that matter, to a student body, university faculty, or knitting circle—depends greatly on the circumstances. Diversity may indeed serve a socially beneficial purpose by elevating underrepresented identity groups, or it may be just good PR, but other personal characteristics—intelligence, experience, qualifications—are usually more relevant to a job. At school, diversity can have educational value by exposing students and teachers to people from a wide variety of backgrounds. In government, diversity addresses concerns, judicious or not, about “fair” representation. The point is that the context matters.
Equality of opportunity could achieve most diversity goals, if the pools of candidates representing various identity groups had comparable qualifications. They seldom do, however, which has led to many forms of affirmative action. Such programs are typically zero-sum because they involve allocating a scarce resource, and in practice they typically end up as exercises in political power and greasing the squeakiest wheels.