College is Mostly About Human Capital...or Not

Yesterday I offered Noah Smith’s blog post, College is mostly about human capital, not signaling and mentioned that my own bias favors that view. Well, in an attempt to provide both sides of the story, here’s Bryan Caplan:

I say that Japanese college students are signaling conformity.  If smart, hard-working, ambitious Japanese normally go to college, a smart, hard-working, ambitious Japanese who doesn't go to college signals that he's weird.  In a notoriously conformist society like Japan, signaling conformity is probably even more important than it is in the U.S.

But what's wrong with Noah's story?  Lots.

Read the rest at EconLog
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