hummmm, I guess I was implicitly thinking that it was an inefficient signaling tool. An SAT test, a Bitcoin address, your Facebook friend list, and a portfolio seem more time-efficient for example (simplifying a bit)
If you think you can “Moneyball” status and hire Harvard caliber people without paying Harvard caliber wages, then the “Moneyball” story suggests people will follow that model pretty quickly.
hummmm, I guess I was implicitly thinking that it was an inefficient signaling tool. An SAT test, a Bitcoin address, your Facebook friend list, and a portfolio seem more time-efficient for example (simplifying a bit)
Being costly (and inefficient) is part of what makes something a good signal for status.
I’m not sure if this reference will work,but...
If you think you can “Moneyball” status and hire Harvard caliber people without paying Harvard caliber wages, then the “Moneyball” story suggests people will follow that model pretty quickly.
https://en.wikipedia.org/wiki/Moneyball