April 4, 2013
HIGHER EDUCATION BUBBLE UPDATE: Britain’s bubble looks kinda like ours. Some details vary, but the government tried to push supply above demand, with similar results: “It is hard to fathom what Tony Blair was thinking when he promised that half of 18-year-olds would go to university. The result has been betrayal, broken dreams, graduates working in coffee shops, a business community that still cannot find the right people with the right soft and hard skills, and a generation of young people crumbling under ever larger student debts. It’s a social catastrophe for which nobody has yet paid the price; even worse, it remains politically unacceptable for those in a position of power to point any of this out.”
That’s what happens when you violate Reynolds’ Law.