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E81: Status, Sacred, and Neglected Truths with Robin Hanson
"Upstream" with Erik Torenberg
The Intricacies of Status and Elite Associations
A nuanced understanding of status reveals that it is intrinsically linked to relative rankings, where individuals strive to be perceived as higher in status than their peers. This drive goes beyond wealth accumulation; it encompasses social affiliations and perceptions shaped by others. The selection criteria used by elite firms emphasize the importance of distinct hobbies that diverge from one's career, illustrating that true elite status often requires more than just professional prowess. Additionally, the longing for connections with prestigious individuals plays a critical role in status dynamics, as seen in the tendency of people to invest in managed funds despite their poor performance compared to index funds. The desire for a trusting relationship with high-status individuals often outweighs financial prudence. Trust and affiliation with the prestigious serve as significant components of perceived status, creating a complex web of interconnected prestige among individuals, firms, and educational institutions. This interconnectedness deepens the societal emphasis on maintaining valuable connections to establish and enhance personal and professional status.
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