[jtwb]

We forget the value of curation.

Why can a boutique shop sell a $50 dress for $200? Taste. One could simply walk into that boutique, confident that 20 minutes later a cute, fashionable and well-fitting dress would be acquired.

Why can top universities charge so much for tuition? Every year, %s University generates a curated list of individuals, and many hiring processes (not to mention ad-hoc interpersonal filtering processes) emphasize individuals in that list. Like boutique shopping, this is an expensive strategy that often excludes superior talent, but is fast.

Is it worth $200,000 to have one's name on that list? Apparently.

Is it worth application fees and an iron publishing agreement to have one's paper published in Nature. Apparently.