Freakonomics Radio 501. The University of Impossible-to-Get-Into
11 snips
Apr 28, 2022 
Peter Blair, an economist at Harvard University with a physics background, dives into the complexities of elite college admissions. He discusses the paradox of high demand for top universities paired with limited spots, exploring the societal implications and systemic privilege inherent in the process. Further, he examines the dual role of college degrees as social signals versus educational achievements, and how this perpetuates credential inflation. The conversation also touches on the changing landscape of higher education amidst growing skepticism and financial pressures.
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Scarcity Drives Demand
- The "Varsity Blues" scandal highlighted the intense scarcity and value placed on acceptance into elite universities.
- This scarcity drives demand, even at high tuition costs.
Elite College Selectivity
- Elite colleges like Harvard admit a small fraction of applicants, creating high selectivity.
- Peter Blair, an economist, was initially unaware of the American emphasis on elite college perceptions.
Elite College Expansion
- College attendance expanded in the U.S., but top schools haven't kept pace with this growth.
- Elite schools have seen significantly less growth compared to non-elite institutions.