NancyLebovitz comments on Self-fulfilling correlations - Less Wrong
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I think there'd be a U-shaped curve. Requiring some degree of effort will select for people who are willing to make good choices. At some point, craziness and expense will swamp out the good effects.
I have an example from food rather than schooling-- vegetarians might be healthier than the average person. Vegans might not be, and it's even less likely for fruitarians. Breathairians certainly won't be healthier than average.