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Mixed Signals: Why Becker, Cowen, and Kling Should Reconsider the Signaling Model of Education, by Bryan Caplan: "Gary Becker, Tyler Cowen, and Arnold Kling have all recently criticized the signaling theory of education. If you haven't heard, the signaling theory says that to a significant extent, education does not increase workers' productivity. Instead, the fact that you obtain an education shows that you were more productive all along, which makes employers want to hire you. Here's a simple thought experiment to illustrate the distinction. Which would do more for your career: A Princeton education, but no diploma, or a Princeton diploma, but no education? All my personal experience (30 years in school!) tells me that there is a lot of truth in the signaling model. I don't use most of my schooling in my job, and I'm a professor, for God's sake! But would I have my current position if I had failed high school Spanish? No way. I must admit, however, that Becker, Cowen, and Kling have even more personal experience with education than I do. What are they missing?"