People ask why we can’t reform the education system. But right now students’ incentive is to go to the most prestigious college they can get into so employers will hire them – whether or not they learn anything. Employers’ incentive is to get students from the most prestigious college they can so that they can defend their decision to their boss if it goes wrong – whether or not the college provides value added. And colleges’ incentive is to do whatever it takes to get more prestige, as measured in US News and World Report rankings – whether or not it helps students. Does this lead to huge waste and poor education? Yes. Could the Education God notice this and make some Education Decrees that lead to a vastly more efficient system? Easily! But since there’s no Education God everybody is just going to follow their own incentives, which are only partly correlated with education or efficiency.
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