[eas]

Thanks for pointing that out to me, I should have been clearer in my analysis. I've added an update to the bottom, and hopefully that helps: "...also please note that I am talking about the best possible education relative to what could be if you were somehow able to take a series of the best classes offered anywhere. I am sure your education was just great in some absolute sense…just like the Red Sox are pretty good at baseball, even if the All-Star team might be better."

Maybe a web analogy will work better. There is one blog (or group of blogs) today that's the most informative for you. It's a great blog, it's updated frequently, and you like it a lot. Which blogs you read is not random--you've checked out a lot of them, and you know what you like. But what if we could create some sort of blog aggregator that posted links to the best posts of the best blogs? That could be a cool thing, right?

[mattmaroon]

Also it depends on how you look at it. By some metrics of "best" there are clear leaders. For instance, if your goal in college is to land a job running a hedge fund afterwards, it's pretty clear you should get a Harvard MBA. The title and connections you get from there are far more important than any classes.

[eas]

Agreed. For good or ill, much of the (monetary) value of education is from what others think of it. You are totally right that if someone has a specific job like that mind, where the education is more a filtering and networking service than anything else, those odds (if you can really calculate them anymore, it's almost just pure recruiting stats at that point) get cut way down.

For those coveted private equity/VC/hedge fund jobs, if you can get in to the Harvard MBA program, you are probably getting pretty close to certain that HBS is the single best school for that (Stanford/Wharton may disagree), all else equal. The individual professors, classes, your learning style, what you actually learn, and any other individual preferences, almost wash away as non-factors in light of the credential. Good point. We may have to distinguish between an education and a degree though?

I probably should have been clearer on that as well--I was just narrowly focusing on the actual knowledge-gaining/learning aspect of education. Worth noting the other side though as we abstract away from pure learning.