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Reassessing the Value of Higher Education in a Changing Economy

This article explores the evolving landscape of higher education and its economic pay-off amidst rising academic inflation. In the 1970s, only 5% of individuals in industrialized nations attended college, contrasting sharply with today's aspiration for 50%. This shift raises questions about the actual value of a college degree in an increasingly crowded job market. We examine the implications for graduates, employers, and society as a whole, as the traditional benefits of a degree may be diminishing in the face of rising participation and shifting economic demands.

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Reassessing the Value of Higher Education in a Changing Economy

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  1. Re-calculating Higher Education’s Pay-off

  2. Academic Inflation: In the 1970s, about 1 in 20 people in the old industrialized economies went to college. The current target is one in three, rising to one in two. (Source: Out of Our Minds) According to UNESCO, the number of people gaining formal educational qualifications in the next 30 years will exceed the gross total since the beginning of history. (Source: Out of Our Minds) According to author, Seth Godin, it isn’t enough to have a college degree today – you must be remarkable!
  3. Percentage of four year college graduates leaving with debt: 25% 47% 66% 100% 25% 47% 66% 100% ANSWER: 66% (Source: In the Basement of the Ivory Tower)
  4. Average college student’s debt upon graduation: Two goats and a cow $5,000 + $14,000 + $20,000 + Two goats and a cow $5,000 + $14,000 + $20,000 + ANSWER:$20,000 or more (Source: In the Basement of the Ivory Tower)
  5. NOTE: In June of last year the Federal Reserve released new figures showing that the nation's total student loan debt now sits at about $830 billion - for the first time surpassing the nation's credit card debt.
  6. Forty seven million new jobs are projected to be created in the United States by 2018. How many will require a bachelor’s degree? One third One half Three quarters All One third One half Three quarters All ANSWER:Only a third of those will require a bachelor's degree or higher. (Source: Pathways to Prosperity report.)
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