Hypothesis / shower thought: any system of "formalized social status" without sufficiently strong mechanisms for preventing "I bump up your status if you bump up mine" agreements will, in equilibrium, either blow up or become isomorphic to a currency.
@VladZamfir @glenweyl
Simpler & more general: anything of value must satisfy no arbitrage conditions at equilibrium.
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Sure, though I think "isomorphic to a currency" is a key emphasis. It implies that a very large subset of possible roads all easily lead to the same destination.
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