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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@bryan_caplan's first and foremost contribution is that the oft-repeated notion that school is about glorious human capital formation is mostly false. This already calls into question the original stated reason for the massive subsidies. -
There's then a further point that even though competitively discriminating future job performance can be a kind of social good, it's an especially dumb kind of social good to try to subsidize. This further point is also not refuted by saying school is efficient as signaling.
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As a theorist I'd like to rephrase: Is school about glorious signalling, or mere human capital formation?
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There’s never a Pareto superior equilibrium IRL
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Comment RE: #2 Schools could be more accurate in their signaling by including other measures other than GPA that do tell of future usefulness to the world
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Like what?
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