Colleges Sell Diplomas, Not Learning

Elite institutions often permit non‑students to access lectures and resources, yet what employers reward is the formal diploma rather than demonstrated knowledge. Students and faculty respond to that incentive: students pick easy grading and professors canceling class is treated as a benefit, while universities and employers treat the credential as the product. — If true, policy aimed solely at improving ‘learning’ (pedagogy, curricula) will miss the core market failure of credential signaling and so should shift toward changing hiring practices, credential design, or how universities validate learning.