College College Bobollege

Joseph Knippenberg:

But today, I want to talk about higher education, where the long and steep upward climb of tuition offers at least prima facie evidence of yet another bubble. We've been willing to pay more and more for our "higher" education because it was supposed to be the guarantee of a good job upon graduation (hence a good investment of time and money) and because the government's willingness to subsidize it (thorough grants and guaranteed loans) would help insulate us from the real costs.

The Occupiers aren't the only ones wondering about the former. There are lots of reasons to ask about the value of a college education, not just in terms of the connection between credentials and the marketplace, but even in terms of the more intangible relationship between higher education and a life well-led. That latter relationship is, for me, the central concern, but in terms of the economics of higher education, it's a luxury good.

Properly understood, of course, it's a relatively cheap luxury good. You need students, professors, and great (or at least good) books. Unfortunately, however, we've lost our focus on that time-honored nexus (the first discussion of it that I can think of is in Xenophon's Memorabilia). Instead, we have professors who have science envy and need to do ground-breaking research (which means studying things that have in the past, for better or worse, been neglected and inventing new ways of looking at things, as if novelty were always a good thing). And we have students who wish to be entertained and coddled in country club-like surroundings. Finally, although I'm leaping ahead of myself a bit here, the fact that so much of this already bloated enterprise is financed by the federal government means that there are significant costs connected with regulatory compliance.

Posted by Jim Zellmer at November 4, 2011 1:25 AM
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