What Happens When College Is Oversold

Richard Vedder:

As I wrote here last week, newly compiled data shows that a great many college graduates have been settling into jobs that do not require higher education. The data, prepared and released by the Center for College Affordability and Productivity (CCAP), show that a majority of the increased number of college grads since 1992---some 60 percent-- are "underemployed" or "overqualified" for the jobs they hold. Thus we have one-third of a million waiters and waitresses with college degrees. Some 17 percent of the nation's bellhops ands porters are college graduates. A new CCAP study From Wall Street to Wal-Mart: Why College Graduates Are Not Getting Good Jobs, released today along with this essay, carries even worse news: the proportion of college-educated Americans in lower-skilled jobs has more than tripled since the 1960s, going from 11 percent in 1967 to 34 percent today.

Why are more and more college graduates not entering the class of professional, technical and managerial workers that has been considered the main avenue of employment? Anyone who has read Charles Murray's great book Real Education (New York: Crown Forum, 2008) has good insights into why this problem has arisen. Truly, Murray argues, only a modest proportion of the population has the cognitive skills (not to mention work discipline, drive, maturity, integrity, etc.) to master truly higher education, an education that goes well beyond the secondary schooling experience in terms of rigor of presentation. Reading and comprehending 200- to 400-year-old literature is useful for advanced leadership -but difficult. Educated persons should read and understand Locke's "On Human Understanding" or Shakespeare's King Lear -they are insightful in many ways, but the typical person of average intelligence typically lacks both the motivation and ability to do so. Mastering complex forms of mathematics is hard -but necessary to function in some areas of science and engineering.

Posted by Jim Zellmer at December 19, 2010 4:32 AM
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