Economist Arnold Kling has a wonderful little piece over at TCS Daily about education, entrepreneurship, and innovation. My favorite passage:

I fear that many of the students who pass will go on to earn Wizard-of-Oz diplomas, which signify nothing. Students will claim to be educated, but employers will know otherwise. The phenomenon of the Wizard-of-Oz diploma has discredited the college degree.

My oldest daughter discovered that her degree qualified her for secretarial positions. She soon decided to try law school instead. As her experience illustrates, although the average salary differential between college graduates and non-graduates remains high, the marginal college graduate is earning little or no premium.