People often consume things not just for their value, but to show off and maintain social status. This is called conspicuous consumption.
Sometimes, conspicuous consumption can lead to positive changes in society by encouraging people to work more, especially when new and interesting goods are available.
Shifting our focus from comparing social status to comparing consumption might lead to better relationships and institutions.
The perspective that social media is responsible for the prevalence of disinformation is challenged. The era of the mid-twentieth century press was also insular and biased.
There has been a shift in societal values, with the relative importance of a good job increasing in status over having a good family.
The implementation of industrial policy, like the CHIPS Act, is criticized for being slow and laden with DEI-related issues that hinder progress.
Status in life is always changing. It's important to accept that both good times and bad times will come and go.
Many people think winning or losing is permanent, but that's not true. Life is more about ups and downs than fixed positions.
Understanding that status isn't always linked to worth can help us see things more clearly. Real value often comes from our experiences, not just our achievements.
Classic ways to earn social credit include doing favors, being consistent and nice, being impressive, doing things people like, and negotiating relationships with responsibilities.
The concept of owing someone has been turned into a detailed, global quantitative system, leading to significant economic activities.
Other forms of social credit are semi-formalized, such as social media likes and follows, but may not drive the same level of activity as the formalized financial system.