> This would all be very well if you decided the top x% via an objective and reasonable standardized test. I interpret OP's point to be more cynical: The arbi

> This would all be very well if you decided the top x% via an objective and reasonable standardized test. I interpret OP's point to be more cynical: The arbitrary selection is the point. Harvard, somehow, through a secret process, selects those who are likely to form a good portion of "the ruling class" for the next 3-4 decades. Past performance so far indicates that they do a good job of it, so Harvard remains very prestigious.