Friday, March 12, 2010
Higher Education Bubble?
I finally read "Will Higher Education Be the Next Bubble to Burst?" (The Chronicle of Higher Education, May 22, 2009) which has relevance to anyone whose project touches on the economics of higher education -- including those writing on community colleges, online courses, privatization, and many other topics. Published last year, as academics began to understand how the housing market's bursting bubble may have been the main contributor to the global economic downturn, it paints a scary picture of the ways in which inflation in higher education parallel the inflation in the housing market that preceded the crash. Along the way, the authors offer useful insight into the larger economic forces driving students to community colleges, online courses, and public institutions -- and perhaps making possible greater privatization of public schools (which remain a bargain even if tuition goes up by 30% or more).