How social status affect economic status
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Social status is thus part of the incentive structure provided to individuals in every society. These incentives affect an individual's choice of actions, occupation, education level and so forth. They thus are of significant economic importance (see also the review in Weiss and Fershtman, 1998).
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By knowing people from high society or belonging to such society, there is a good chance of getting a job done easily. If you are not connected to such society, even if you are highly talented and qualified, you will not be able to get good opportunities. By this way, social status will affect the economic status.
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