College and Debt

Higher Education Bubble Update - Glenn Reynolds

Here’s what [Florida Gov. Rick] Scott said:

You know, we don’t need a lot more anthropologists in the state. It’s a great degree if people want to get it, but we don’t need them here. I want to spend our dollars giving people science, technology, engineering, math degrees. That’s what our kids need to focus all their time and attention on. Those type of degrees. So when they get out of school, they can get a job.

Even at Mother Jones we hear: “Scott’s reasoning could attract a lot of Floridians.” Ya think? But there’s this, too: “Is a degree’s intrinsic value really reducible to its marketability?”

After decades of selling college as an “investment” — and pricing it accordingly — it’s going to be hard for the higher education establishment to pivot to a college-as-personal-fulfillment argument. If it’s the latter, it’s a consumption good, priced on a par with a Porsche or Ferrari. Those shouldn’t be financed by debt, or bought by 18-year-olds. If college liberal-arts degrees, on the other hand, are to be sold as a public good, benefiting society so much that society should pay the freight, then (1) Society should have a much bigger say in what’s being taught; and (2) It might be nice to see some actual, you know, evidence of that. Also, students should be warned up front that they’ll be spending 4 years (or 5, or 6) of their lifespan doing something that’s good for society. The trust-funders may be okay with that, but that’s not a lot.