"If I have a choice of going to school A from which I'm 90% likely to graduate and an otherwise equally ranked school B which is 50% likely to kick me out without a diploma, which am I going to choose?"
The "otherwise equally ranked school" part shows where a single-dimension ranking system falls on its face. Does it mean they accept the same quality of applicant? If so, graduating from the school with the lower graduation rate might be a much more impressive accomplishment. Or does it mean that the quality of education graduates receive is considered to be basically the same? Does that then mean the second one is just easier to get into?
How would all colleges having high graduation rates avoid pigeon-holing people even further into the box that their high-school performance marked them for? If everybody can graduate, the potential signaling is reduced from "got into and graduated from school x" to just "got in to school x."
The "otherwise equally ranked school" part shows where a single-dimension ranking system falls on its face. Does it mean they accept the same quality of applicant? If so, graduating from the school with the lower graduation rate might be a much more impressive accomplishment. Or does it mean that the quality of education graduates receive is considered to be basically the same? Does that then mean the second one is just easier to get into?
How would all colleges having high graduation rates avoid pigeon-holing people even further into the box that their high-school performance marked them for? If everybody can graduate, the potential signaling is reduced from "got into and graduated from school x" to just "got in to school x."