Bill Dickens versus the Signaling Model of Education

Courtesy of Brian Caplan:

Bill Dickens versus the Signaling Model of Education: I take it that you think that nearly all of the value of schooling is signaling? I used to take that view too, but the accumulation of evidence that I've seen leads me to believe that isn't the case.

For one thing I find it very hard to believe that we would waste so many resources on a nearly unproductive enterprise. There are plenty of entrepreneurs out there trying to make money by selling...