Sadly, it’s not particularly surprising that it took a proclamation by researchers from prominent institutions (Harvard and MIT) to get the media’s attention to what should have been obvious all along. That they don’t have alternative metrics handy highlights the difficulties of assessment in the absence of high-quality data both inside and outside the system. Inside the system, designers of online courses are still figuring out how to assess knowledge and learning quickly and effectively. Outside the system, would-be analysts lack information on how students (graduates and drop-outs alike) make use of what they learned– or not. Measuring long-term retention and far transfer will continue to pose a problem for evaluating educational experiences as they become more modularized and unbundled, unless systems emerge for integrating outcome data across experiences and over time. In economic terms, it exemplifies the need to internalize the externalities to the system.