The Invisible Hierarchies that Rule Our World (with Toby Stuart)

In this episode of EconTalk, host Russ Roberts interviews Toby Stuart, author of "Anointed, The Extraordinary Effects of Social Status in a Winner-Take-Most World." They discuss the concept of social status, its movement, and its impact on the distribution of opportunity. Stuart explains how hierarchies, though often viewed negatively, serve essential functions such as resource allocation, simplifying choices, and resolving uncertainty. The conversation explores the positives and negatives of anointment, including the imposter syndrome experienced by high-status individuals and the challenges faced by Michelin-starred restaurants. They also delve into how AI might reinforce prestige hierarchies and alter the assessment of quality, potentially leading to a greater reliance on pedigree. Finally, they reflect on how studying status has affected Stuart's own perceptions and experiences.