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It isn't. That's the problem.

In the context that it's required to get certain jobs? So we -- society -- have screwed up in conflating education and job training?

Yes, we have.

One conversation I had with a senior employee at a very large company said that university was very important for signalling. They knew that someone who went to (for example) MIT was admitted to MIT, which indicates a certain amount of raw intelligence. Their legal department would not allow administering any sort of IQ test, so the school one went to was a proxy for IQ.

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