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The great magizine, the Economist, has an intriguing article on higher education. Is higher education experiencing a bubble, and will it burst? Tuition costs and debt loads are high, yet none of us can get jobs. Politicians are trying to expand the supply of higher education, just as they tried to expand the supply of affordable housing. Furthermore, Paul Krugman has pointed out that technological advances decrease the need for highly skilled individuals as well as low-end jobs.
Do you think that the higher education system is experiencing a bubble? If so, will it burst? Or does education itself has enough intrinsic value?
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Well, the higher education environment is changing rapidly. Internet-based solutions to higher education are growing immensely. I know many of my friends at Michigan State can watch lectures online, from their own homes. So, the whole brick-and-mortar concept of education in general is beginning to change (deteriorate).
ReplyDeleteA program that I am considering after graduation has a distance learning component. There is 4 weeks of off-campus (at home study), then 4 weeks of on-campus time is used for interactive role play and actual product application in a simulated environment.
Obviously, the hard sciences need more of that physical, interactive based learning (labs, etc...). But, for other subjects such as English or business, is the brick-and mortar classroom as necessary nowadays?
I believe the bubble is expanding. As more alternatives arise and become very feasible through technological advances, higher education institutions will not be able to charge as much for certain programs.
Interesting PDF fromt he Economist:
ReplyDeletehttp://www.nmc.org/pdf/Future-of-Higher-Ed-%28NMC%29.pdf
This is a very interesting concept. I suppose that the trends of higher education signify a bubble. Mostly I'm trying to picture what it would look like if the education 'bubble' were to burst. Because you can't exactly lose your education the way that you can go into foreclosure and lose your home...IDK it's a very different type of bubble. I think that student loans are beginning to be a scary thing as so many students have them and so many students are taking out loans for greater amounts as education costs rise. Hmm. Interesting, Laura. :)
ReplyDeleteI am going to have to agree that the bubble is definitely expanding. Most students take out loans to go to college and/or graduate schools. This leaves most college graduates in dire financial strain. There are some positive aspects to college and graduate school. College graduates may have the luxury for applying to a wider variety of jobs in any type of field. Some employers in highly specialized fields (such as the biological and chemical sciences) do prefer employees who have been to graduate school. This leads those who haven't gone to college or even those who only have a Bachelor's degree at a disadvantage. All they could offer the prior job seekers are entry level positions. Weighing the options plays a huge role in the educational experience of college.
ReplyDeleteI really value education, and I don't think I would have given up undergraduate experience for anything in the world. The underlying issue is that going to a good college doesn't necessarily guarantee a great job... the way it used to. The loans for school add up and it had gotten to the point that employers are not willing to cover the costs of undergraduate and graduate costs. Today's salaries seemed to be geared more towards people who don't have loan payments to make.