There were definitely more 1st round busts in the 60s/70s/80s than there are today, just look at those drafts if you're curious. They are a mess for the most part. Even 1st overall picks were pretty hit-or-miss, as at least half of the 1st overall picks from 1963-1990 could safely be considered busts (relative to draft position and comparing to other players taken later in the same draft). That is hardly the case today.
The fall of the Soviet Union was obviously key in improving draft success, but I would contend that scouting accuracy has still come a long way since then. 1990-present day is a different story, but that wasn't the context of my posts.
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