> Dressing formally puts you in a different frame of mind. It reminds you that your work is serious and that different standards apply

I wonder, if appearances matter that much, would your staff believe that they can be publicly wrong, admit mistakes, or take any risks that would lead to either scenario? Would they ever ask a question, when it signals they don't already know everything? It seems like once you take on such a formal dress code persona, the ethics of "serious business" might strangle your company's long term survival odds.

> In a society that values formal dress, you can signal your intent to move up the social hierarchy by how you dress yourself. If you want to become an elite, then dress like one and people will take you seriously.

IMO, when a peer dresses formally, I trust them less. It signals an endorsement that appearances matter more than results, and that promotion up the social ladders is important enough to you that you might end up screwing me over if given the chance.

Ideally, social mobility shouldn't rely on the promoting the richest person up to managers and executives.