Good thread. There's a perfectly valid economic explanation of status, and it notes that people take compensation in a basket of goods, dollars + status (+ other things). Poor academics at least 50% choose that basket w knowledge ahead of time, bc they like status. https://twitter.com/Chris_arnade/status/1324936903636955136 …
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While you're at it, going back to Veblen, there's status in-or-out and status-within. Some would rather be the King of Poverty Hill; some would rather be the pauper in the Kingdom of Gold. Steinbeck's "Temporarily Embarrassed Millionaires" v. Milton's Reigning in Hell
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WAA-AAA-AAAY back in grad school I remember hearing a new-PhD presentation by an economist who thought he had arrived at an explanation of why a top lawyer would become a Federal judge (instead of making more money staying private). His hypothesis: ANYONE WHO DOES THAT IS CRAZY!
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It's a carryover from when academics didn't get paid much, so they made a virtue out of not being materialistic and living the life of the mind. Tenured profs make pretty good money these days, so it's an attitude that's outlived its time.
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