What even is an institution?

https://vitalik.eth.limo/general/2022/12/30/institutions.html

Not sure I have amazing new insights, other than that this is a complicated muddle, but sometimes recognizing the muddle is the first step to stepping out of it!

Going through this at YC to some extent though I think the salient feature of YC is actually an attempt at a more accurate prediction of future elites. 

In the anti-merit debate there is a lot of discussion of removal of tests, when the real goal should be more predictive/arguably fair tests.