Arnold Kling on the returns to ability

Learning comes from taking on challenges. Entrepreneurship is a constant, in-your-face challenge. Relative to that, college is a stroll in the park.

As Graham points out, the cost of starting a business is plummeting. Given that college expenses are going the other way, [for the exceptional] the learning-to-cost ratio has shifted in favor of entrepreneurship over college.

Read more here.


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