Higher education is in an expensive muddle with too many useless degrees

[FarCenter]

I have found myself reflecting on higher education. This isn't just idle speculation. Education is an important part of modern economies and has a major bearing on how they perform. This is an area in which Britain both excels and does appallingly badly – in different parts, of course.

I realise that what I have to say may tread on a few toes, because I am no professional expert in the field. Still, I do have some basis for comment. Many moons ago, I taught economics at various levels. I now consume large amounts of the output of the educational establishment, in the shape of applicants for jobs at my company. Above all, I am the parent of teenage children and, like so many other parents, am anxious about their prospects.

I think there is too much higher education. Roughly 50pc of youngsters now go to university to get a degree. In my day, the proportion was more like 5pc. (The policemen are getting younger too.) Now doubtless 5pc was too low but I am pretty sure that 50pc is too high.

Things are as they are primarily because education is a part of society where market forces have played little role. Now, regular readers will know that I am not a free market fundamentalist: I recognise market failure and I believe in some forms of government intervention. But when a whole segment of economic activity is scarcely touched by market forces then all sorts of peculiar things happen.

Thousands upon thousands of young Britons have been going to universities to get worthless degrees, which they have somehow thought would help them to progress in their careers. But many have been sold a pup or, rather, until recently anyway, they have been given one.

http://www.telegraph.co.uk/finance/comment/rogerbootle/10294912/Higher-education-is-in-an-expensive-muddle-with-too-many-useless-degrees.html