China's "education inflation" problem is not like ours. The problem in China: it's an underdeveloped economy. This may change in 20 years-- I think everyone in

China's "education inflation" problem is not like ours. The problem in China: it's an underdeveloped economy. This may change in 20 years-- I think everyone in the world hopes it does-- but right now, there are so few middle-class jobs available in countries like China, Vietnam, and the Philippines. The competition is incredibly tight and (as anywhere else) mostly on socioeconomic status and connections, not education. Our problem is different: technology and the national job market have created The Résumé Blizzard. The cost of sending a CV to an employer has dropped from about $1 (today's dollars) in postage, nice paper, and printing, to $ε in electron-pushing. Most HN posters are relatively successful in their careers and probably send out 3-5 CVs per job search, but there are unqualified lottery-players who send out hundreds or thousands. Front doors don't work anymore-- "closed till the Blizzard ends"-- and colleges and universities now provide a very expensive sorting mechanism for entry-level jobs. The truth is that job-matching is a difficult unsolved problem that no one has solved very well, and the universities and business schools are, at the entry level, the best solution.