Well, if you're going to throw down the gauntlet like that Mr. Caplan, how can I resist! I began by actually looking at this authors spreadsheets, then looking at their claims, and ultimately, I downloaded a copy of their book[0] to review what that book says. So here's the info: The fundamental claim of the book is that currently, the "western education model" is not (really) about skill accumulation or increasing t…
But this is where his math runs against common sense. If you are an employer and see a student that dropped out of college without a very good reason, then that is a very strong negative signal. Even if you as an employer believe that education on its own provides valuable benefits to your employees, this does not mean you’d take a risk on someone that dropped out. There are sufficiently few of them that you can just not risk it.