Shannon Love at Chicago Boyz addressed the swindle at the heart of the education bubble.
Money quote(s):
"(M)any of these young people may not understand that they aren’t really, despite the time and money spent, actually educated.
The liberal arts of today are those fields with little or no empiricism. In other words, if the field doesn’t have a lot of math, the information it deals with is subjective and untestable. Even supposed “soft” sciences in the liberal arts like sociology or psychology lack true scientific rigor. Given that, how do liberal-arts graduates know that they’ve really been taught something worthwhile? How do they know they haven’t been loaded up with gibberish?"
I recall my freshman 5-hour engineering calculus professor explaining that the reason for learning all that math was simply so that people couldn't lie to you, that you would be able to tell when something wasn't mathematically so, that you would know what was true (and what wasn't).
"Most of what is taught in the liberal arts does not equip the student with objective skills. Instead, most of what students learn are elaborate hypotheses validated only by a popularity contest among the professors themselves. Most of those hypotheses will end up judged by history to be gibberish — e.g., Marxism.
Most degrees in the liberal arts, especially the advanced degrees, really just equip the student to become a liberal-arts professor. Given how few professorships open up, most liberal-arts graduates don’t actually end up with marketable skills.
I think a lot of liberal-arts graduates have been convinced they have learned something of great value. Why should they believe otherwise? We are taught since childhood how wise and wonderful all our teachers are. We are told how uplifting and ennobling education is. Why would students question whether their trusted professors are teaching them anything true and/or valuable in the future workplace?
What a horrible realization to find out that you haven’t actually been educated. What a horrible realization to find out you owe tens of thousands of dollars and you don’t have any skills to compensate. What a horrible realization to find out you are no more employable than someone who never went to college in the first place.
These kids feel cheated and they are right. They were told they were actually getting “educated” but they weren’t. They borrowed tens of thousands of dollars for nothing."
Postgraduate studies are a mechanism for producing more academics; professors, in other words. And since there simply aren't enough professorships to go around, it amounts to something of a Ponzi scheme run by universities.
11/8