<p>If you are talking about public colleges, I can see how you can say admissions might be flawed. In terms of private colleges though, they are there to make money, and everything they do is in an effort to perpetuate that goal. With that in mind, I don't see how you can say they are flawed because everything they do is the most efficient possible in maximizing profits. Granted there is some luck involved because no college can know who will truly succeed, but I don't see how it could be any better.</p>
<p>Just remember private colleges are businesses. They are not public service institutions.</p>