Degrees cause higher earnings. Part of that effect is accumulated human capital in the form of the thing learned and new networks, but part of the degree is just signaling.<p>There&#x27;s a drastic difference between earnings for unfinished and finished college degree and in general this effect is dubbed as sheepskin effect.<p>Here&#x27;s a Wikipedia starter on the effect: <a href="https:&#x2F;&#x2F;en.wikipedia.org&#x2F;wiki&#x2F;Signalling_(economics)#Spence_1973_.22Job_Market_Signaling.22_paper" rel="nofollow">https:&#x2F;&#x2F;en.wikipedia.org&#x2F;wiki&#x2F;Signalling_(economics)#Spence_...</a>