Economists who have studied the relationship between education and economic growth confirm what common sense suggests: The number of college degrees is not nearly as important as how well students develop cognitive skills, such as critical thinking and problem-solving ability.

Although professors regard improving critical thinking as the most important goal of college, tests reveal that seniors who began their studies with average critical thinking skills have progressed only from the 50th percentile of entering freshmen to about the 69th percentile.

Efforts to develop critical thinking falter in practice because too many professors still lecture to passive audiences instead of challenging students to apply what they have learned to new questions.

I don't think the alternative to Yale is jail by any means. On the other hand, there is a mass of research that does show that there are real advantages to your subsequent career in going to selective institutions.