The problem is that schools are mostly a signaling mechanism rather than focused on increasing human capital through actual education. As more people attend, so

The problem is that schools are mostly a signaling mechanism rather than focused on increasing human capital through actual education. As more people attend, societal expectations adjust and even food service jobs start requiring 4-year degrees. The problem with everyone investing in signalling is that it's a zero-sum game. If everyone in your neighborhood buys a fancy car, it's no longer fancy. Bryan Caplan, an Economist at George Mason, wrote an excellent book about this phenomenon and has recently done quite a few interviews about it: https://press.princeton.edu/titles/11225.html https://press.princeton.edu/titles/11225.html