How is this an example of an efficient market when one of the outcomes is to simply get a “name-brand degree”?[1] Ideally it should just be about the other alternative, namely what you learnt.

Let’s not even get into the problems associated with education as a commodity.

And (further)… let’s not even get into the effective subsidies that private universities can get through things like tax breaks.

[1] Try to justify that without circular logic.