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That's true, but the people who are applying for medical school tend to be the top students to begin with. The numbers who can attend are limited by the number of slots at allopathic schools (and residencies) and not by some minimum academic achievement standard.
My understanding is that the number of allopathic medical schools is controlled by the American Medical Association and thus by the federal government which grants it accreditation authority. That makes it a government-imposed limitation and not really a free-market-based limitation on the production of new graduates.
I suspect that if the number of allopathic medical schools were increased that they would find a way to properly train additional new surgeons.
My point was that the fact that becoming a physician essentially guarantees a good return on investment doesn't necessarily mean that college education is worthwhile for the other 99% of college graduates who don't or can't get into medical school.
Even with the limited supply of slots for training (thereby allowing the schools to take the most competitive candidate), not all the people who make it to med school make it as doctors.
So increasing spots wouldn't necessarily increase the number of people who can do the job - unless you seriously lower your standards.
1.) Are you a minority? (by skin tone or body parts) Minorities are often having to prove themselves and don't get any "free passes" per se. Degrees important here.
2.) Are you entering a heavily regulated field (Like Doctors)? Then yes, you pretty much have no choice. Hope you like debt.
3.) Do you live in the middle of no where and thus need school to get exposure, get contacts, and get out of your home town? Then yes you should go to college. If nothing else to experience consistent electricity.
4.) Are you maybe above average, but not significantly so? Then yes, college can help you gain confidence and establish credibility.
On the other hand, if you are a Male, White, "smart kid" who already knew more about your field than a average undergrad in your field at 18. Well then you don't really HAVE to. It's a good idea, great experience. Not really needed.
As a personal example. I never got a degree. However I am a geek who eats/sleeps/breaths this stuff. Now make close to $200k a year working for a Fortune 500 Company. Have 17yrs in my field, 5 patents, and no degree.
However I am told that I'm different than the other kids ;-)
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Value of a College depends on many variables...
