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I remember that study when it was published and was always surprised it didn't have more impact at large. It seemed critically important for a number of fields.

Ironic, really.

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There is clearly some benefit to cumulative returns of the sort measured in this study. Signaling that leads to "the rich getting richer" reduces friction and transaction costs, allows resources (capital, attention) to be allocated to those who can most profitably use it. So to some extent we would want the rich to get richer.

But there is some point where snowballing success becomes counterproductive and enables rent seeking laziness.

I think you will enjoy reading about mediocristan and extremistan, mentioned in the Black Swan by Taleb. Great book all around really (as well as the entire book series too)

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