If smart students choose selective schools and smartness is associated with ROI, we would expect to see a correlation between ROI and school selectivity. That we don't is interesting.
If merit is highly correlated with school selectivity, then selectivity can be considered a proxy for smartness/determination/etc. If that's the case, education ROI appears to be not strongly correlated with merit (via the selectivity proxy). That is very interesting.
If smart students choose selective schools and smartness is associated with ROI, we would expect to see a correlation between ROI and school selectivity. That we don't is interesting.
If merit is highly correlated with school selectivity, then selectivity can be considered a proxy for smartness/determination/etc. If that's the case, education ROI appears to be not strongly correlated with merit (via the selectivity proxy). That is very interesting.