December 1, 2012

HIGHER EDUCATION BUBBLE UPDATE: New York Times: Saying No To College.

Even the staunchest critics of college concede that a diploma is still necessary for many professions — law and medicine, clearly, and in many cases, for a Fortune 500 executive, too. But that’s the point: how many more lawyers and middle managers do we need?

“College is training for managerial work, and the economy doesn’t need that many managers,” said Michael Ellsberg, the author of “The Education of Millionaires: Everything You Won’t Learn In College About How to Be Successful.”

Mr. Ellsberg, 35, graduated from Brown University and spent years trying to translate his expertise in post-colonial critical theory into a paying career. So his book tries to impart real-world skills, like salesmanship and networking, which he argues are crucial as white-collar jobs are being downsized or shipped to Bangalore. The future, he added, belongs to job creators, even if the only job they create is their own.

“I’m not saying you have to be Mark Zuckerberg or Steve Jobs,” Mr. Ellsberg said. “I know people with dog-walking businesses who make six figures.”

I wonder if these changes will lead to more political support for entrepreneurship? Also, I told you so.