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Old 05-03-2007, 10:51 PM
WordWhiz WordWhiz is offline
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Join Date: Jun 2005
Location: F.U. Jobu, I do it myself!
Posts: 1,272
Default Re: Gripes with Formal Education

Join the club. Education functions more as a signaling device than an actual benefit. Getting a college degree proves to potential employers that you can get a college degree, which a lot of people can't do.

There are a variety of reasons for this. One is that education is heavily subsidized, so more people go to college than would in a free market. Another is that signaling is important to some degree: it's much easier to sort through hundreds of resumes by instantly discarding non college grads, or people who aren't ABC certified in XYZ field, or whatever, even if it's not really necessary to the job.

One of my favorite economists, Bryan Caplan, is writing his next book on the overeducation of Americans. Here's the first page.
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