Cheap Talk, Big Gains in Education

School rankings often hide more than they show. We fixate on prestige while ignoring how well a school actually serves its specific students.

“Signals provide only a partial picture of the underlying reality.”

Information is usually messy and biased. Admissions officers and parents are often just guessing based on loud, incomplete signals.

Wealthy families buy their way out of uncertainty. They use private consultants to bridge the gap between rumors and actual data.

“A test score is a snapshot, not a biography.”

Standardized tests are just one form of noisy communication. They tell us about a single day rather than a student's true capacity.