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army1987 comments on What Is Signaling, Really? - Less Wrong
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Because getting into college isn't a very good signal. People may use it as one if they're not thinking things through, but not if you call their attention to it. It's not a very good signal because it's based on high school (a long time ago) and judged clumsily by admission officers under poor circumstances.
Graduating is more of a signal, at least if the college is willing to flunk people. Graduating with difficult electives on your transcript is even more of a signal.
And college isn't just signalling. One is expected to have learned there.
If so the many online learning organizations that sprang up this year seem well positioned to greatly weaken the university system. I'm sceptical that they will. To the first approximation college isn't about education. I however do agree with this:
Employers indeed do. This doesn't mean they are right though. Educated people generally don't overtly say college is about signalling, especially if they did well in it. The Universities selling their degrees want to emphasise the value added part and how the 4 year summer camp is a life enriching experience. Parents tend to think they are buying credentials for their children's future employment.
I think we have better reasons to trust the parents on this, their incentives seem closer to truth seeking. Thought due to the changes in the past 40 years they are somewhat deluded on how much credentials from a second or third tier college buys you as well as generally underestimating the final cost.
How do you learn how to (say) operate scintillators and photomultiplier tubes from online learning organizations? There are skills you just can't practice without hands-on experience. (OTOH I can't see any good reason why in-person attendance would be vital for studying for a degree in English literature, but then again AFAIK attendance is not usually compulsory in such courses. I'd bet the reason why people don't learn stuff online and only show up for exams is that that way it's harder to convince your parents to pay for your rent in another town while you're partying most nights.)