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But employers use diplomas as a signal[0]. The increases in the number of college graduates only further necessitates that smart people require one for signaling their productivity.

[0] http://en.wikipedia.org/wiki/Signalling_(economics) Search for "sheepskin"

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From your link:

"The informational value of the credential comes from the fact that the employer assumes it is positively correlated with having greater ability."

An often-cited reason why a lot of recent college-grads are without jobs is that they are not actually prepared for real work.

As the number of people graduate college, the meaning of a degree lessens. If everyone has one, then it stops meaning as much.

Employers have used diplomas as a signal in the past, but signals can and do change, and I would argue is changing. I can't help but feel the recent UW announcement about allowing auto didactics to obtain a degree without the class time is their realization of this.

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