Luckily, it seems we also have some specific signals to tell us rich vs poor, specifically conditioned on taste. This might alleviate the effect significantly, though perhaps not fully.
The problem starts to look ill-posed if you look at all the factors, though. Of course better taste has to correlate some with actual wealth, as if it provides any value at all it will give those people better social connections, etc. This whole cluster of value-providing traits is in fact correlated—and specifically because they're correlated does this central dynamic
Luckily, it seems we also have some specific signals to tell us rich vs poor, specifically conditioned on taste. This might alleviate the effect significantly, though perhaps not fully.
The problem starts to look ill-posed if you look at all the factors, though. Of course better taste has to correlate some with actual wealth, as if it provides any value at all it will give those people better social connections, etc. This whole cluster of value-providing traits is in fact correlated—and specifically because they're correlated does this central dynamic