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The education mantra...

by David and Tim Bayly on May 10, 2011 - 7:29am

Thomas Sowell on "The Education Mantra."

(TB, w/thanks to Jim H.)

Tags: 
Academia
Education

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Submitted by Abram Hess on May 11, 2011 - 4:52am

In an economist's terms, we're creating an Education bubble by inflating the price far beyond the value of the good or service delivered. Generally bubbles pop when we all suddenly realize how over-valued the thing is, and then it's price tanks. For example, when the housing bubble popped, the house prices collapsed. But what happens when an Eduation bubble pops? With the entire apparatus propped up by government money, prices probably won't collapse. Will it have to reach a critical mass where we get political upheaval, a la Tunisia and Egypt, where the masses of over-educated unemployed took to the streets?

Submitted by David & Tim Bayly on May 11, 2011 - 10:39am

>>But what happens when an Eduation bubble pops?

People finally lern to spill.

Submitted by Abram Hess on May 12, 2011 - 6:48am

Whoops. I guess I should have taken a few more of those "soft courses" and lernt to proof read.

Submitted by Eric Rasmusen on May 13, 2011 - 5:05am

It would help if people didn't think of education as a way to make money. That would solve three problems. First, students would only take serious subjects. Second, we wouldn't have unserious students. And third, our graduates wouldn't be unhappy taking jobs as plumbers after college because they wouldn't have been going to college for the money anyway, and they wouldn't feel that a BA entitles them to a high-paying job.

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