Overselling The University Industry
Just as the dairy farmers want the federales to do more for the dairy industry, in my industry we wanted them to do more for university education. They did, and we were the first in line to benefit. It’s called “crony capitalism.” The students benefited perhaps, but we don’t know how much harm we did in overselling education, and lowering their wages. Growing up, I knew too many happy people with no university education to believe that it is for everyone.
Econometricians made their contribution by mining early data sets and discovering that education was a “signal” of economic success. (No kidding?) Public policy changed and with it the data changed as marginal value declined. Having depreciated the currency, don’t be shocked that disrespect will follow disappointment. But the response will be “do more” and the can as usual will be kicked down the road. The Democrats have already called for making it all free, and the “Repupblicans” true to their history will get in line. It is the anti-part of the diversity movement! No room at the Inn for low-brows without proper education.