Value of College Education
1- What a College Education Buys: But the education kids are rewarded for may not be the same education their parents think they are paying for. Economists would say that a college degree is partly a “signaling” device — it shows not that its holder has learned something but rather that he is the kind of person who could learn something. Colleges sort as much as they teach. Even when they don’t increase a worker’s productivity, they help employers find the most productive workers In recent decades, the biggest rewards have gone to those whose intelligence is deployable in new directions on short notice, not to those who are locked into a single marketable skill, however thoroughly learned and accredited. 2- College Education and The Placebo Effect: The placebo effect is scientifically established, well-known effect in medicine. Basically, when doctors prescribe a sugar pill (a placebo), a good percentage of patients do get better. Note that while a placebo is just a sugar pill, the ef...