The extremes on this debate are absurd. College is not useless; it has many benefits to students. On the other hand, it would be surprising if the most efficient way to provide those benefits was exactly the social institution of college in America as it exists today.
The signaling function of college works pretty damn well. Yale/Princeton/MIT
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Hmm. I wonder if the primary benefit of video lecture courses might not be so much the information, but getting people to realize that this kind of study is possible. While the textbook self-study option has always been there, most people have been taught to think that if you want to learn a subject, you have to earn a degree in it. It's not that they've considered the autodidact option and rejected it, it's that it has never occurred to them in the first place ( ... )
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