There is not a shortage of textbooks or qualified teachers who could explain calculus or history or economics. As a society, the could easily produce far more educated people (and for a lower cost), but that is not the goal of a degree. The diploma -- especially from an elite school like Columbia -- first and foremost is a signifier that you deserve entrance into an upper middle managerial class. Unless the goals of higher education are teaching (or god forbid actual job training), the entrance requirements will always be arbitrary enough that class lines can be sufficiently preserved.