I don’t know. That’ s a tough question. Ideally, the invisible hand would do it for you. Firms would start to realize that people with this credential are good, and the market would reach some sort of equilibrium. But in practice, I’m not sure if this would work. I don’t know enough about how things work to really say. However, my suspicion is that although the market may not be perfectly rational, it’s rational enough such that if the credential was a really really strong indicator of quality, it’s value would rise to somewhere in the ballpark of where it should be.
I don’t know. That’ s a tough question. Ideally, the invisible hand would do it for you. Firms would start to realize that people with this credential are good, and the market would reach some sort of equilibrium. But in practice, I’m not sure if this would work. I don’t know enough about how things work to really say. However, my suspicion is that although the market may not be perfectly rational, it’s rational enough such that if the credential was a really really strong indicator of quality, it’s value would rise to somewhere in the ballpark of where it should be.