Popular support for education subsidies rests on the same fallacy. The person who gets more education, gets a better job. It works; you see it plainly. Yet it does not follow that if everyone gets more education, everyone gets a better job. In the signaling model, subsidizing everyone’s schooling to improve our jobs is like urging everyone to stand up at a concert to improve our views. Both are “smart for one, dumb for all.”6
