"To rank the value of colleges based on the ultimate earnings of their graduates radically narrows the concept of what college is supposed to be for."
I think colleges have lost the concept of what college is supposed to be for. When my parents went in the '70's here in the US, college was seen as a way to prepare for your career. Now it seems colleges are focused on creating "well rounded people" and raising money. You can see this at my alma mater, where there's multiple art museums on campus and the big news is how many billions of dollars the endowment fund is.
I think colleges have lost the concept of what college is supposed to be for. When my parents went in the '70's here in the US, college was seen as a way to prepare for your career. Now it seems colleges are focused on creating "well rounded people" and raising money. You can see this at my alma mater, where there's multiple art museums on campus and the big news is how many billions of dollars the endowment fund is.