Why universities/degrees still exist. Thread:
1/ Pre-reading: @naval's thread on the primary purpose of school. Summary: It is not about education but credentialing (signaling education).
2/ Viewed this way, the university system exists as an allocator of opportunity. The opportunity you are provided is a function of your credentials.
3/ This system is a product of the "symbiosis between institutions that issue and accept credentials"- @naval
4/ A university exists as an archaic personal VC, that exists to identify the individuals of most promise and allocate finite opportunity to them.
5/ This is the reason for the result of @peterthiel's thought experiment: How would Stanford's current students react if Stanford suddenly decided to double their student body? The answer is they would not be happy. Education is an infinite game but opportunity is a finite game.
6/ The allocation of opportunity is a very important societal function. Our economy relies very heavily on degree heuristics. Take away all degrees and suddenly employers bear a lot more of the burden of this role. It makes sense for it to be specialized.
7/ Important to note: the degree heuristic really only applies to one's first wave of opportunity. Work experience is a far more accurate way of allocating opportunity.
7/ The problem is not necessarily that the two roles have been bundled together- education and opportunity that is. One's potential for success is heavily linked to one's education (in the broadest sense).
8/ The real problem is that there exists no skin in the game for the university in this system. If they do a poor job either educating or allocating opportunity they bear NONE OF THE COSTS- outside of word of mouth. Tuition is collected up front.
9/ If @nntaleb has taught me anything, it is that a system cannot learn/evolve/innovate if it's parts have no skin in the game. It is of no shock then, that we have an education system that has changed very little over the last century, if not longer.
10/ Outside of the tech startup sector where opportunity is often allocated on a basis of tangible work- "what have you built?"- there is exist no realistic alternative.
11/ I think the trend towards a "gig economy" may create an opportunity for the current "symbiosis between institutions that issue and accept credentials" to be disrupted by a new mechanism. One with far more skin in the game. Thoughts?
12/ It is thought that an innovation on the supply-side (credential issuers) is all that is needed, but a demand-side disruption is just as necessary (credential receivers). This is a two-sided "symbiosis". One won't go down w/out the other.
