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If we are to rely on grades at all we should rely on more than a single signal about performance. Even if we adopt John Rawls's worldview, we will send up with Ryan Lochtes who are great but not superlative. How we set up grades reflects much more.
Our students just filled up our classrooms for the first time last week and pretty soon the I'll be compelled to assign a letter grade to each of them on a progress report.