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The problem is known since a while. At least since 1927.
In 1927 in fact, E.M. Forster delivered his famous lectures at The Clark Lectures, sponsored by Trinity College of the University of Cambridge. This passage is meaningful. I always suspected this.
... As long as learning is connected with earning, as long as certain jobs can only be reached through exams, so long must we take the examination system seriously. If another ladder to employment was contrived, much so-called education would disappear, and no one be a penny the stupider ...
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