Prizes? What about peerage?

MarginalRevolution points out Stiglitz's recent article for the New Scientist (they provide a link to a PDF therein). Stiglitz argues that sufficiently large prizes would help motivate research in areas that are primarily in the public interest.

What I find odd is how little talk there seems to be about status. Given that people readily convert their incomes into status and that the government could easily create status at a rather low expense (like peerage), I would think that an added status-based incentive could be deployed; a second Nobel Prize sort of scheme, for example.

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