An Academic Truth Teller- Introduction
Let’s start by saying the study of Economics is strange. It is part math, part analysis, and a whole lot of foreign terms most of us don’t understand. Especially me.
That said, I found a book, Restoring the Promise, by Dr. Richard K. Vedder, that is readable. The core of his 50-year career as an economist was spent IN academia where he founded the Forbes Best Colleges reports. He also trained an army of graduate students on the analysis of economics related to higher education. In the next few blogs, I will present the critical issues and observations from his book. Restoring the Promise and my small guidebook, ENOUGH! The College Cost Crisis. agree that college is pricing itself out of its current business model.
Here is what he says:
“Indeed, a closer examination reveals that America’s colleges and universities suffer from three large problems that cumulatively will lead to major changes in the delivery of higher education services in the years ahead. Those problems are:
American universities are vastly too expensive, often costing twice as much per student compared with institutions in other industrialized democracies. The price of tuition is vastly more than American institutions cost a generation or two ago.
Although there are important exceptions, students attending college in contemporary America on average are learning relatively little, spend little time in academic preparation, and in some disciplines are indoctrinated by highly subjective ideology. Learning about the core foundations of our civilization and acquiring knowledge based on widely accepted factual evidence have deteriorated.
Partly as a consequence of mediocre preparation but more a result of massive public overinvestment, there is a huge mismatch between student occupational expectations after graduation and labor market realities. This results in massive underemployment- students taking jobs as baristas, retail sales clerks, and taxi drivers.”
Each week I will tackle one area and distill several chapters into Cliff Notes for you. If you take nothing else away, take this. When the college professors start writing economics-backed books about problems with Higher Education, you should pay attention. Perhaps this will motivate YOU and your student look for viable, frugal, alternative paths to the right education for you.
Next week, let’s tackle the REASONS why American Universities are too expensive, and what to do about it. You may be surprised where he places the blame.
Until Next Time,
All My Best,
Bonnie Burkett
