Care to elaborate on the details of the distinction? I think I get the gist, but I’m not sure how much it matters in practice (given the above comment about leverage).

E.g., a hedge fund manager is paid handsomely for if they extract value, but that same extraction is value generation for their clients. It feels like two sides of the same zero sum coin.

I would agree, but your statement makes it sound as if they are disjointed. You need to have both.

(I would also push back a bit that a PhD adds immense value. Many that do get paid well via IP and start-ups, but that’s a better interface with the economy. There are many in my experience that add little more than a credential)