⁠Read an abridged transcript here.

Bryan Caplan argues that roughly 80% of schooling is wasted time, and that the primary value of a degree comes from signaling – demonstrating intelligence, conscientiousness, and conformity to employers rather than building useful skills. In this conversation, we discuss the evidence behind that claim, what ”conformity” really means, why the system is so resistant to change, what Bryan would do if he was in charge, and whether AI will change the equilibrium.

Some questions we discuss:

• How much does education actually increase abilities or intelligence?
• The Flynn effect points to an increase in IQ scores over time. Do schools get any credit ?
• Bryan has argued that a college degree is important for signaling conformity and skipping it demonstrates non-conformity. But if conformity just means ”professionalism” – can you demonstrate it without a degree?
• Classes are no longer entirely in-person, and tech will change education even more. Will people still need a four-year degree from a brick-and-mortar institution?
• What happens to universities once AI can do most intellectual work?

Guest: Bryan Caplan, Economics professor at George Mason University and author of The Case Against Education. Check out his Substack and YouTube Channel.

Timestamps

00:00 How Much of School is a Waste?

04:39 The Flynn Effect

08:29 The Importance of Literacy & Numeracy

12:35 Signaling and Conformity in Education

18:57 The Practicality of College Education

20:41 Will Online Education Become Accepted?

25:28 AI's Impact on Education

29:50 Will AI Asymptote

32:11 Reimagining the Education System

35:27 Curiosity and Tailored Learning

37:12 Talented STEM Students

40:16 Libertarian Perspectives on Education