Besides the already mentioned issues, there are at least two very important ones.
First, one important thing that a university diploma signals is the ability to behave in proper ways that are demanded in professional situations, and to credibly maintain this appearance for several years. In particular, one of my pet hypotheses is that the notoriously high level of political correctness on campuses in fact serves a useful signaling role for employers. Even very productive and capable employees can end up as a net loss if they say or do something stupid that results in a harassment or discrimination lawsuit—and people are much less likely to blunder in these ways if they have passed through several years of scrutiny by an institution that penalizes any indication of propensity for such excesses and relentlessly warns and propagandizes its students about how evil and dangerous they are.
Of course, another thing that universities are in the business of selling is the opportunity to mingle and make connections with high-status people, as well as the inherent increase in status that comes from the affiliation with a high-status institution. Status in human relations is often not reducible to a matter of signaling other traits, and the fact that universities currently possess high status and the power of bestowing it mean that they have control of an inherently scarce and fixed-sum resource, so they’re impossible to undercut barring some very great social changes.
Of course, another thing that universities are in the business of selling is the opportunity to mingle and make connections with high-status people, as well as the inherent increase in status that comes from the affiliation with a high-status institution. Status in human relations is often not reducible to a matter of signaling other traits, and the fact that universities currently possess high status and the power of bestowing it mean that they have control of an inherently scarce and fixed-sum resource, so they’re impossible to undercut barring some very great social changes.
Besides the already mentioned issues, there are at least two very important ones.
First, one important thing that a university diploma signals is the ability to behave in proper ways that are demanded in professional situations, and to credibly maintain this appearance for several years. In particular, one of my pet hypotheses is that the notoriously high level of political correctness on campuses in fact serves a useful signaling role for employers. Even very productive and capable employees can end up as a net loss if they say or do something stupid that results in a harassment or discrimination lawsuit—and people are much less likely to blunder in these ways if they have passed through several years of scrutiny by an institution that penalizes any indication of propensity for such excesses and relentlessly warns and propagandizes its students about how evil and dangerous they are.
Of course, another thing that universities are in the business of selling is the opportunity to mingle and make connections with high-status people, as well as the inherent increase in status that comes from the affiliation with a high-status institution. Status in human relations is often not reducible to a matter of signaling other traits, and the fact that universities currently possess high status and the power of bestowing it mean that they have control of an inherently scarce and fixed-sum resource, so they’re impossible to undercut barring some very great social changes.
This is right on the mark, in my opinion.