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College/University has not solely been about education in a long time. It's about signalling [1][2], and therefore it's a competitive advantage. The accessibili
by niftich 10y ago
College/University has not solely been about education in a long time. It's about signalling [1][2], and therefore it's a competitive advantage. The accessibility of signalling is inversely proportional to its value -- it's no longer exclusive. This happens with certifications too.
[1] https://www.jstor.org/stable/1882010 https://www.jstor.org/stable/1882010
[2] http://www.econtalk.org/archives/2014/04/bryan_caplan_on.html http://www.econtalk.org/archives/2014/04/bryan_caplan_on.htm...
- nine_k 10y agoAs signalling becomes too costly, it can become separated from skill certification. Much like a diploma from Yale now is not a signal of exceptionally good knowledge but a signal of financial ability and having the right connections, going to any full-time university can become such a signal.