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I don't believe dropping out is necessarily the better option, but the article doesn't argue why not dropping out is.

The data needs to be adjusted for the fact that "college educated" has become an entrenched label in society. Without the label, society values a person much less. That is all the data in the article proves.

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Maybe I'm misunderstanding you, but the article uses data to show that society values college-educated people more, and you want it to adjust for this? What?

Adjusting for society's bias towards the label helps isolate the actual effect of college.

What I would like to understand is whether college is valuable because society thinks so or is there something that college does that is unique to it. (and if the latter is true, is it worth $50k a year?)

Unfortunately, I don't think either of those can be measured empirically.

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