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Originally Posted by Mach  If you restrict the means to earn wealth, or what that wealth can be used for (one or both are necssary to restrict mobility), then you restrict their choices, in a bad way (bad to efficient market). |
If wealth is used to promote inequality of opportunity then we certainly cannot refer to efficiency or individual choice. Instead, we have to refer to inefficiency (given the human capital role of education is cheapened) and class conflict (given we're referring to how inequalities reduce the opportunities of the individual to invest according to their innate ability)
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It is a natural phenomenon, that even the most rational of us feel the urge to do (but may not participate in). But that's less important than the fact that it is, an individual choice.
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Individual choice would be consistent with a regime where equality of opportunity is maintained, such that the individual is able to choose the option that is consistent with the maximisation of their welfare. That will then encourage efficiency, given it will ensure tertiary education is characterised by the able students who are able to maximise the returns from the investment.
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If you believe the only reason a student attends a very expensive school, be it early education or graduate-level, is purely for "educational efficiency", then your premise is incorrect.
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They do it as it ensures higher chances of success, given the nature of inequality of opportunity. It ensures that meritocracy is a pipe dream, with certification providing a means to ensure the intergenerational continuation of divides. It certainly is not efficient for the education system to be cheapened in this way.
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I don't see this alternative though that theoretically realizes more potential than the current system. Can you elaborate on what the difference in this proposed system is?
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Any system that improves equality of opportunity will improve on the current system. I'd go for a coupling of comprehensive education (with the elimination of parent choice where possible) and a much more aggressive use of subsidies at the further education stage. This ironically increases individual choice, as investment is not limited by inequities in wealth and the consequences of class conflict.