What is the point of college?

I have spent a long time making the case for college education and I see I used two different arguments interchangably. The first of these was the human capital argument, the one about skills. Usually, given my line of work, this was about telling employers about work-ready graduates and students about jobs and income. After the universities, I used to cite 'graduate premium', not telling the whole story - that the figure is inflated out of proportion by the incomes of a few winners and collapse of the non-graduate income; most graduates have seen their income stagnate or decline in real terms ever since 2008. I used to argue that the quality of education is best expressed in the starting salary of the graduate (a desperate oversimplification that takes the labour market and all the implicit issues of race and gender out of the consideration) and that the countries should invest in colleges to gain competitive advantage in the knowledge economy. The other argument was the de...