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Degrees are a signalling device used by employers to weed out the good from the bad. Two prospectives both have upper 1sts in BSc and MSc economics, except one went to Harvard and the other obtained his by distance learning. The signal is that the harvard prospect is better because it is harder to get into harvard and will, therefore, be more likely to possess the traits and necessary intellect to perform effectively in the organisation.
This is simple personnel economics.
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