Megan McArdle on college:
As more and more people have gotten BAs, the college degree serves a role once played by the high-school diploma: a signal to employers that you are conscientious, conformist and reasonably bright. Arguably, a college diploma is less about preparing for a job than about buying a ticket to a better labor market tournament.
If that were true, the result would be declining mobility and reduced prospects for people without degrees, and plenty of people with degrees complaining that their student loan burden leaves them little better off than they would have been without the degree. That’s exactly what’s happening, which suggests that something here is deeply broken.
Read more here.