More Evidence for Signaling?

If education was really increasing human capital, you wouldn't have outcomes like this:

Vedder drove home the point that much of the problem with college — probably the core factor leading to a “higher-ed bubble” — is simply that ”number of graduates is growing faster than the number of jobs.”

You'd simply find more productive people in those same jobs, and that would raise the value of education in line with its price.

But if education is more about signalling than human capital, there's not much to counteract trends like this:

students are studying less and don’t learn very much more by their third or fourth year than when they started. But within the institutions themselves, he argues there are no incentives for institutions to be efficient.

(Link to the video, here.)