Envy and Status
By Arnold Kling
when it comes to hyper-obsession with invisibly fine status distinctions, no banker could hold a candle to the average academic
Read the whole thing, and also re-read Economic Man vs. Status Man.
Incidentally, in Learning Economics, I quoted ‘Jane Galt’ at one point. Robert Solow chided me for quoting a “blogger.” It was interesting that he raised an objection about her status (or lack thereof) as opposed to the content of the quote.