Earlier quoted context omitted.
Higher education is used as a proxy for intelligence by companies who are hiring because they are not allowed to use IQ tests. So I think it kind of makes sense that our society is confused about the purpose of higher education.
It's not just an IQ test, it's a test of ability, which is different. Your college record shows that you a) Whether you were able to get the work done. b) Whether you were smart enough to do the work well. It's the combination that's important, not either single one. Employers want people who show up on time, actually care enough to try, and are smart enough to figure it out. The college degree has a better than zero…
There’s another issue with using educational attainment as a proxy of intelligence: it doesn’t really help you distinguish among candidates who all have a bachelors degree. All you know is that they’re above some threshold, but not how far above. You can use the prestige of the school as a proxy for this, but it all seems like a hell of a lot of hassle when you can figure this all out in a half hour with an IQ test.