I think the fundamental problem is that providing "meaningful" credentials requires critiquing your own customers in a complex and non-quantative process. A sch

I think the fundamental problem is that providing "meaningful" credentials requires critiquing your own customers in a complex and non-quantative process. A school needs to amass a major amount of social and other capital that it risks losing when it gives all students an A and even then it is often too tempting to placate the lazy customer (see Harvard undergad scandals such as grade inflation). The expensive coach and sports team is part of a complex signal of an organizational reputation being risked when the school backs little Bobby-Billionaire Low-IQ's transcript and also accepts a new wing from Bobby's dad. I wanted to see MOOCs lead to a rise of separate standardized tests to replace integrated education and credentials, but I also recognize that teaching to those tests would end up ruining many MOOCs..