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MatthewW comments on Statistical Prediction Rules Out-Perform Expert Human Judgments - Less Wrong
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You say 'the world', but it seems to me you're talking about a region which is a little smaller.
I'm not sure the correction is that relevant. The US and the EU together make up about 40% of global GDP (PPP).
Several minor economies with nearly identical conditions and restrictions such as Canada, New Zealand, Australia, South Africa, Norway, Switzerland ... add up to another 3% or so.Most states in Latin America have similar legal prohibitions as well, they are not as well enforced, but avoiding them still imposes costs. This is mentioning nothing of Japan or other developed East Asian economies (though to be fair losses are probably much smaller than the developed West and perhaps even Latin America).
The other half of the world's has a massive opportunity cost due to the mentioned half's described inefficiency. Converting this loss into number of lives or quality of life is a depressing exercise.
Fortunately that is only a problem if you care about humans.
Well, I'm in the UK, and there's no law against using IQ-style tests for job applicants here. Is that really the case in the US? (I assume the "You're a terrorist" bit was hyperbole.)
Employers here still often ask for apparently-irrelevant degrees. But admission to university here isn't noticeably based on 'generic' tests like the SAT; it's mostly done on the grades from subject-specific exams. So I doubt employers are treating the degrees as a proxy for SAT-style testing.
Correction accepted.