An excerpt from an excerpt from an Alan Charles Kors essay in New Criterion:
The power of universities comes from their monopoly of credentials. As Richard Vedder so deeply understands in his “Going Broke by Degree,” they are the only institutions allowed to separate young individuals by IQ and by the ability to complete complex tasks. They do not add value to that, except in technical fields. Recruiters do not pay premiums because of what the Ivy League or the flagship state universities teach in English, history, political science, or sociology. They hire there despite, not because of, that. Recruiters do not pay premiums because our children have been sent to multicultural centers for sensitivity training. Recruiters pay premiums for the value already there, which universities merely identify. So long as recruiters pay premiums, however, it is rational for parents who wish to gain the most options for their children to send them to the university with the most prestigious degree. That will not change in the current scheme.