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It's certainly a good metric for the things it purports to measure. People who admire it or despise it both tend to allow it to prove too much. Out of many relevant cognitive skills, it tests the ten that predict success under a myopic economic system.
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The rule of thumb I remember is that it Can pretty easily predict likelihood of success in high school and college education, but falls apart once you get to numbers higher than “yeah, will probs earn a Bachelor’s” at which point Zip Code becomes more predictive.
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