The college admissions process is stressful, often absurdly so. It is also unfair—but not in ways that most people realize—and certainly not in ways that most parents, college administrators and policy-makers would agree on.

The current admissions system maintains the status quo, much to the pleasure of the college-industrial complex: lots of students apply for a relatively small number of openings at each school. That basic economic truth—great demand, limited supply—helps prop up ridiculously high tuition. And in turn, that outrageous tuition fuels the craziness to get into “top,” then “better” and finally “good” schools. Here’s how it all works...