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You learn nothing, waste everyone's time and resources

We want to be careful here. It's not that you learn nothing, it's that you learn no more than you otherwise would have. Normally, these comparisons control for age.

...fair, but also in some disciplines, you learn things that make you and others worse off. So I rounded down to "nothing"

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Remember that most people attend college, so that damage is done to both the treatment group (graduates) and the control group.

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