Interesting thought from Atrios:
It's somewhat heretical to say, but I'm one of those who thinks that too many people go to college, though it may be individually rational for them to do so given the signaling nature of it. That is, going to college doesn't really transform people into better works for a lot of jobs, but employers require a college education because it's how people signal they aren't a "complete loser"* who couldn't even manage to graduate from college.

*To be clear, I don't think one needs to graduate from college to avoid loserdom. That's my whole point! It's just that in our society it's become an entrance ticket to a lot of careers even when the education you get in college isn't really training for those careers.
True here also - that lots of things learnt during college don't get used on the job, and there are lots of jobs that don't need a degree. Including IT, as this commenter notes:
i've only got one year as a drama major, and been cto for three companies. odd, isn't it? but i have been passed over for jobs at or below the level i was alredy doing because i lack a degree.
But we still need lots more of education in country, rather than less, at this point of time I guess.

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