September 8, 2011

HIGHER EDUCATION BUBBLE UPDATE: The Economist: Angst for the educated: A university degree no longer confers financial security. “There are good reasons for thinking that old patterns are about to change—and that the current recession-driven downturn in the demand for Western graduates will morph into something structural. The gale of creative destruction that has shaken so many blue-collar workers over the past few decades is beginning to shake the cognitive elite as well. . . . A university education is still a prerequisite for entering some of the great guilds, such as medicine, law and academia, that provide secure and well-paying jobs. Over the 20th century these guilds did a wonderful job of raising barriers to entry—sometimes for good reasons (nobody wants to be operated on by a barber) and sometimes for self-interested ones. But these guilds are beginning to buckle.”

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