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3-29 - there’s a good deal of marginal return of college...

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The idea of social return is built around the concept that schooling is socially productive. Society gets higher marginal product from educating kids Signalling: Privately the people who do well in college are already productive, so all that schooling does is sort out who the alphas and betas are. Privately, it’s beneficial—
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Unformatted text preview: there’s a good deal of marginal return of college, but socially, there is none, because college only sorts out the people for employers, and they would have been sorted out eventually anyway. Is education simply a signaling device or does it actually make people more productive?...
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