> The reality is that, 50 years ago, when only the smartest people attented colleges, a college degree used to be a proxy for aptitude (a combination of intelligence and willingness to work hard).
I don't believe that's true at all. Historically, in the US anyway, a university education was a wealth signal more than an intelligence or work ethic signal.
Perhaps that's true in the US. Here in Eastern Europe, University education was pretty elite (in terms of intellectual requirements) before the "democratization" of higher ed. Heck, high school before the war was most likely mentally harder than many higher degrees are today.
I neither agree nor disagree, I'm just not familiar with the US situation. I'm certainly aware that, especially historically (pre-XX century), US universities were finishing school for the well-off, but I don't know how/if the dynamics changed after the WWII, with introduction of GI bill etc.
I don't believe that's true at all. Historically, in the US anyway, a university education was a wealth signal more than an intelligence or work ethic signal.