For positional goods where there is a fixed supply people will tend to bid up the cost until it can't go any higher. I mean, in theory we could just build gian

For positional goods where there is a fixed supply people will tend to bid up the cost until it can't go any higher. I mean, in theory we could just build giant apartment towers all over SF but nobody wants to make that legal. And the number of medical residency slots, the construction of new hospitals, etc are very restricted. But fundamentally with higher education the number of slots of prestigious institutions has to be limited or they wouldn't be prestigious any more.