So this immediately runs into a huge self-selection problem. Harvard and MIT grads do not all want the same jobs, indeed many chose their college path in light of their job goals, and so it is extremely difficult to control for all that.
But we are not really talking about “better” in the sense of value added for a student with those interests. The example I gave was actually based in part on the understanding that new-Harvard, as an MIT clone, would converge on MIT in terms of these self-selection factors too.
With that background, let’s do a couple obvious comparisons.
In terms of per capita PhD program placement, MIT crushes Harvard. MIT is 4th on this list, Harvard way down at #31.
OK, but in terms of per capita “T14” law school placement, Harvard is #3 on this list, MIT didn’t make the top 30:
OK, so it turns out there are a lot of lawyers not just in important positions in the legal world, but also in government positions and indeed business positions. And Harvard College grads are disproportionately represented in those positions, and this is part of why.
OK, so now imagine new-Harvard becomes a clone of MIT. I would bet new-Harvard would end up way higher on that PhD list, and eventually would converge on MIT. I would also bet new-Harvard would drop off that law school list.
Meaning, I don’t think new-Harvard, as an MIT clone, would keep sending all those graduates to the T14 law schools, and then on to the same positions in law, government, and business. Because of course not.
OK, what about direct business placement? Well, here is an IB study:
Harvard is #2 on the per capita list. MIT, not on the list at all. I don’t actually know that it is harder on an individual basis to get into IB from MIT, as that author explicitly states, because of the self-selection problem. But I am quite confident if Harvard became an MIT clone, it would drop off this list too.
OK, so that’s the world we live in. Again, I would suggest Harvard’s position near the top of the T14 law school list and IB list reflect that world, they don’t create it. And MIT is not at the top of these lists, because it isn’t trying to be, and neither are most of the students who go to MIT trying to achieve those outcomes.