Economist Richard Vedder has an interesting post regarding how the quality of education is measured. He notes that, “[w]hen Consumer Reports rates cars, they drive them; US News & World Reports does the equivalent of measuring the amount of steel used in cars, rather than their performance.” (italics added)
This is somewhat similar to how Soviet command-economies oftentimes measured progress and productivity in terms of tonnage.
For example, many cars manufactured by State-owned firms were extraoridinarily heavy due to this artificial quota system. It comes to no surprise then, that these vehicles – such as AZLK – also had a reputation for: being cramped and uncomfortable to sit in for any length of time, outdated technology, poor fuel economy, and underpowered with the agility of a tank.
See also, What Is A College Ranking? and Will the University Survive?
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I googled this guys proposed alternative and, if I found the right report, am NOT impressed.
from the report
Now I’m not saying that it has no good ideas – just that not all of them are good.
I attended Ohio University, where Dr. Vedder has been teaching economics for decades. He as also written at length on the subject of annual costs associated with obtaining a degree, relative to inflation, etc. It is nothing short of alarming! In my view, this is a large, large business that is starkly out of touch with its consumers. In my own view, the lack of focus, indeed the lack of ability, to cut costs is the direct result of the amount of “third-party” money involved in the system. While I do not have the statistics readily at hand, I believe one can determine without too much research that more students attend institutions of higher education today than ever before, often with the financial support of the federal govenment. No one is being incentivized to save money – only repay it. Certainly, outside of the aforementioned suggestions, education is the great equalizer of various socio-economic issues, in addition to being the future life-blood of our own countries prosperity and wealth. However, we should always be interested in the question…”at what cost?”
The previous poster – Daniel – lists some information that was found after “googling this guys proposed alternative”. I’m not sure who “this guy” is referring to, but the information listed sounds nothing like anything that I have read from Dr. Vedder. Please clarify who is being quoted and provide a hyperlink to the reference site obtained in the “google” process.
Dr. Vedder has written a book on the subject of higher education costs titled, “Going Broke by Degree: Why College Costs Too Much”.
RDB
I think higher edumacation is o’er-rated!
Seriously though, it is such a waste of time and money.
I can’t speak for anyone but myself, but a year after all of my *close* friends (11 of them) graduated from college (I’m 23yo) this is what I have observed:
1) They couldn’t get jobs that pay higher than I make (and have made for the last 3 years). I learned everything I need from internet texts, the Job, books, magazines, and mp3 audio lectures,
2) All but one live with their parents and plan on doing so for a short while (their claims). I have been financially independent since 17.
3) They don’t have any money saved up. No one has more than $2K. Not that I’ve got much myself – but should anything happen – I can live comfortably for 1.5 years off my savings.
4) Most of those who have found jobs are very much hesitant to excel in them.
5) ALL of them are in deep debt. IIRC, it ranges from $10K to $120K.
6) 3 of them are considering doing post-graduate work. IMHO, only one of them is doing it for the right reasons.
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Not to knock higher education, but it certainly is a hindrance to some people.
I don’t want to give the impression that I am fully self motivated and disciplined. That would be too funny. Anyone is capable of educating themselves well.
To second Ryan’s and quincunx’s comments, most higher education institutions would not exist absent transfer payments, and they have greatly distorted the job market. On that latter point though, I think more employers are wising up. I run into more businessmen now than I used to who did not complete their college educations.
My advice to young men these days would be to graduate high school, attend a trade school, take a basic accounting course, and study the Western canon in your free time. Team up with an older man who can provide the business acumen and capital. Later, you will do the same.
You may have to hedge your bets and learn several trades, but it’s still cheaper and quicker than a useless BA in History.
Agree that the average person wastes his time in college and never reaches the financial break even point. He would be better off to get into a union (hush my mouth) apprenticeship program.
When I graduated from high school in ’55 I was qualified for the majority of the available jobs or for an apprentice program. These days half the people who graduate from high school must go to a junior college to get a high school education.
If everyone had a 2 two year college “degree” then a degree would be required to ride on a garbage truck, the job being called “recycling specialist,” something like that.
The real problem with a 2nd rate college degree is that the holder thinks he knows something and is smarter than the union plumbers and electricians who are making $20/hour more than he and who was making $15/hour while the college grad was taking out student loans.
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