Thinking too highly of higher ed

Peter Thiel:

Perhaps the least controversial thing that President Obama ever said was that “in the coming decades, a high school diploma is not going to be enough. Folks need a college degree.” This vision is commonplace, but it implies a bleak future where everyone must work harder just to stay in place, and it’s just not true. Nothing forces us to funnel students into a tournament that bankrupts the losers and turns the winners into conformists. But that’s what will happen until we start questioning whether college is our only option.

Is higher education an investment? Everyone knows that college graduates earn more than those without degrees. Maybe that earning power comes from learning valuable skills, networking with smart people or obtaining a recognized credential. Well, maybe — it’s hard to say exactly, since “college” bundles so many different things into one arbitrary package. And if all the most ambitious kids in our society go to college just because it’s the conventional thing to do, then what happens on campus might not matter, anyway. The same kids would probably enjoy a wage premium even if they spent four years in the Peace Corps instead.