Contra Cowen, competency-based & on-line school seem to me to offer worse signals of future job performance, and so would not beat existing school plans in an open fair competition. https://www.overcomingbias.com/2018/02/signal-inertia.html …https://twitter.com/MargRev/status/966727303693615104 …
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You similarly can't refute this thesis about negative-sum-ness by saying "There's no individually better way to signal competence" or even "It'd be hard to build a social system that more effectively signaled competence." Nash equilibria can have negative-sum components too.
Thanks. Twitter will use this to make your timeline better. UndoUndo
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That is certainly not how the standard model works. It's about escaping pooling rather than full rent exhaustion.
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Our models of school, college, and health care all seem like they would benefit from a model of rent exhaustion if one were available. Absent the human-capital story, what's the story for **$1T** of student loans where the trade surplus from employment is *not* being chewed up?
End of conversation
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