New Delhi, July 23 -- At a recent dinner party, Schumpeter got talking to a wildly successful young man who was downright miserable. He was on the very fast track at a very big hedge fund. His friends, however, were making even bigger bucks in artificial intelligence, a field which he was convinced would soon consume his own industry. Among the company he keeps, the bright lights of finance shine less brightly than they used to, causing his own star to dim. Our protagonist was experiencing one of capitalism's most powerful forces. He was in the throes of status death.

The modern worker is status-obsessed. Even the bosses of giant companies find time to post on LinkedIn, a social network that functions as a forum for gloating. If manageme...