[siruncledrew]

Harvard using a true lottery would be a self-inflicted wound. A lot of Harvard's value is because it's Harvard. Harvard lowering their perception/brand/prestige is a lose-lose for themselves and the students/alumni (note: actual students, not prospective students).

Think about it this way: the nature of the game is like investing - it's about Harvard picking winners. Harvard is like the well-known VC that can say they funded <this many> unicorns, and being a part of Harvard means being associated with success. Harvard may take some waivers on higher-risk/less-fortunate students for diversifying investments, but it's only one piece of the portfolio. Selectivity is a key ingredient to their ROI, endowment fund, and social capital. Harvard is a private university and cares about their private equity and capital in a way that is different from public universities.

[rland]

This is the problem I have with higher education. It is not about the effectiveness of the education, but the signal of effectiveness. "Social Capital" is a zero sum game. If someone gains social capital, another must lose. Actual education, on the other hand, is not.

It's really a shame.