A Case for Dropping out of College | Intellectual Takeout"Citing George Mason University economist Bryan Caplan, Knoche points out that this is due more to “ability bias,” rather than actual education:
From the outset, the average college student is different from the average American who does not go to college. The competitive college admissions process winnows the applicant pool in such a way as to guarantee that those who make it into college are more intelligent, conscientious and conformist than other members of his or her high-school graduating cohort. In other words, when colleges boast about the ‘70% income premium’ they supposedly provide students, they are taking credit for abilities that those students already had before they set foot on campus, and which they likely could retain and commercially exploit even if they never got a college diploma.
Even if all of this is true about the value of a college “education,” Knoche admits that real value of college lies in the “signaling” value of the diploma..."
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