Of course, part of the reason Americans think everyone should go to college is for its noneducational uses. Anyone can benefit from them. Colleges are the country’s most effective marriage brokers. They are also — assuming you don’t study too hard — a means of redistributing four years’ worth of leisure time from the sad stub-end of life to the prime of it. (Just as youth shouldn’t be wasted on the young, retirement shouldn’t be wasted on the old.)

Image Credit... Tony Law

But the price of college long ago outstripped the value of these goods. The most trustworthy indicator that an American college education is something worthwhile is that parents nationwide — and even worldwide — are eager to pay up to $180,000 to get one for their children. This is a new development. A quarter-century ago, even the top Ivy League schools were a bargain at $10,000 a year, but they received fewer applications than they do now. Presumably, college is steadily more expensive because its benefits are steadily more visible. In 1979, according to the economists Frank Levy and Richard Murnane, a 30-year-old college graduate earned 17 percent more than a 30-year-old high-school grad. Now the gap is over 50 percent.

These numbers don’t tell us much about how people get educated at a typical American college offers. You can go to college to get civilized (in the sense that your thoughts about your triumphs and losses at the age of 55 will be colored and deepened by an encounter with Horace or Yeats at the age of 19). Or you can go there to get qualified (in the sense that Salomon Brothers will snap you up, once it sees your B.A. in economics from M.I.T.). Most often, parents must think they are paying for the latter product. Great though Yeats may be, 40-some-odd thousand seems a steep price to pay for his acquaintance. The timeless questions that college provokes — like “What the hell are you going to do with a degree in English?” — must get shouted across dinner tables with increasing vehemence as college costs rise inexorably.

But the education kids are rewarded for may not be the same education their parents think they are paying for. Economists would say that a college degree is partly a “signaling” device — it shows not that its holder has learned something but rather that he is the kind of person who could learn something. Colleges sort as much as they teach. Even when they don’t increase a worker’s productivity, they help employers find the most productive workers, and a generic kind of productivity can be demonstrated as effectively in medieval-history as in accounting classes.

Moreover, if you’re not planning on becoming, say, a doctor, the benefits of diligent study can be overstated. In recent decades, the biggest rewards have gone to those whose intelligence is deployable in new directions on short notice, not to those who are locked into a single marketable skill, however thoroughly learned and accredited. Most of the employees who built up, say, Google in its early stages could never have been trained to do so, because neither the company nor the idea of it existed when they were getting their educations. Under such circumstances, it’s best not to specialize too much. Something like the old ideal of a “liberal education” has had a funny kind of resurgence, minus the steeping in Western culture. It is hard to tell whether this success vindicates liberal education’s defenders (who say it “teaches you how to think”) or its detractors (who say it camouflages a social elite as a meritocratic one).