Having a college education today has been more important than ever before in history, particularly in a consumer-based economy such as the United States. I've been told by several people that "having a college degree today is the equivilant requirement to what having a high school diploma was 40+ years ago." Although a relatively few still attend primarily for learning something new, that "piece of paper" is one of the main keys to finding a decent paying job or career.
There has to be some common way to measure a person's ability to perform or succeed at a job or task. When you go to see the car mechanic, he/she will typically have to have an ASE license. Regardless of if that mechanic knows the mechanical system like the back of his hand, he/she still needs that "piece of paper" to back themselves up. The same is true for accounting, business owner, physical therapy, carpenter, electrician, plumbing, and many other professions. Even something as basic as driving, you still need a valid driver's license before you can get behind the wheel (legally). So for now we can conclude that there must be some standard, reliable way to judge a person's acheivement of knowledge of a particular system, task, responsibility, etc.
Like all other standardized programs, one of the primary purposes of a college degree for employers is to provide a standardized way to measure a person's academic acheivement in a particular subject area or area of study. No longer is college simply "an institution of higher learning." While it is true that you will develop some intellectual abilities, including improved written/oral communication and fundamental knowledge of the area of study, the vast majority of us go to college to improve our economic situation (i.e. make more money) or to work/advance in a particular career field.
It should be noted here that the author empasizes that, among other credible reasons, a degree usually improves your chances for economic success from a job standpoint. Obtaining a degree doesn't necessarily make you "superior" than someone who doesn't have one. It certainly does not guarantee that you are some expert or even competent in your particular field of study. It primarily measures academic aceivement at the time the degree requirements were completed. It also shows employers that you, as one Naval officer put it best "can start an academic program, [demonstrate intellectual acheivement,] and finish it out to completion." Remember that there are MANY factors that determine degree completion, including: