I am not sure but I think that a eugenics-friendly billionaire could build such an institution now, legally.
What about the “dumb people” part. I’m not sure the self-selection would achieve that—stereotypically it’s nerds who play lots of video games, not jocks.
What about the “dumb people” part. I’m not sure the self-selection would achieve that—stereotypically it’s nerds who play lots of video games, not jocks.