Universities are selling certificates that the buyer expects will get them a well paying job. Employers believe that the certificate indicates something about

Universities are selling certificates that the buyer expects will get them a well paying job. Employers believe that the certificate indicates something about its owners abilities. Universities can just start selling grades, but that's sort of like selling baking soda and calling it crack. People will figure it out eventually, and then the commodity will become worthless. That's actually a lot like what's happened with the credit rating agencies that were giving AAA ratings to trash.