Earlier quoted context omitted.
You know, that's a problem too. I mean, I take that 90% of jobs aren't specialized positions. Once you need a college degree for a position that only requires general skills, or in which the employee can do just fine on-the-job training and experience, then what are those years in college for exactly? As far as I know, people could get by with a high school degree in the 1970s: there was no significant wage differenc…
Degrees are not reliable signals of productivity. I would much rather hire someone who didn't finish college but has had five years of progressive responsibility in the right area, than someone who had just finished a four or five year degree course but had never worked.
Also, your crosswise comparison between an experienced candidate without a degree and an inexperienced candidate with a degree only tells me that you put more weight into experience than having a degree. It really doesn't tell me much about whether a degree is a good signal, but only that it's worse than experience. Now, if you had told me that you don't consider whether a candidate has a degree at all then I'd be able to infer that they are terrible signals and carry no information at all.