I. College Is Absurdly Expensive You might have noticed that college education is expensive. It was never cheap, but it’s gotten increasingly ridiculous over the last 50 years. Average tuition rose from about $1,533 for private and $323 for public schools to $32,000 for private and $7,600 for public. (Inflation alone would have taken it up to $10k and $2100.) (See graph, from
Apr 15, 2023·edited Apr 15, 2023Liked by Michael Huemer
All completely true. The one thing you don’t say quite explicitly enough (for my taste) is that it is the administrators, who contribute nothing directly to the educational results (such as they are), who make all these rules and devise all this rigamarole.
The student loan industry and its recent nationalization must surely be a major culprit. Tell everyone they need to go to college and then give them "free" money to do it and no surprise when prices rise.
I can't tell whether the reported tuition data reflect prices actually paid, or sticker prices. For private colleges and universities, the latter typically exceed the former, often by a wide margin, due to the gimmick of "prestige pricing." I'm sure the cost of higher education has risen disproportionately by either measure, but if the graph indicates average sticker prices, it might make the situation out to be more extreme than it really is.
I remember constantly being super impressed by assistant professors and adjuncts as an undergrad, and then wondering why all these geniuses decided to torture themselves by condemning themselves to poverty, and to a certain extent, obscurity, and also getting stuck in the academic status machine in which your competing with tons of other super smart people.
I think it’s basically a Venus flytrap slow process… and also the huge nine monetary benefits.
If half of them decided to start a business or something they would have more influence on the world, and probably make it better and have an easier life for themselves.
The best part is, depending on the subject, you can occasionally publish articles for free without the pressure to P hack or have to think of something brilliant every 5 seconds, (which of course is impossible which is why so many journal articles feel like spam emails) same thing with full professors really.
All completely true. The one thing you don’t say quite explicitly enough (for my taste) is that it is the administrators, who contribute nothing directly to the educational results (such as they are), who make all these rules and devise all this rigamarole.
The student loan industry and its recent nationalization must surely be a major culprit. Tell everyone they need to go to college and then give them "free" money to do it and no surprise when prices rise.
I can't tell whether the reported tuition data reflect prices actually paid, or sticker prices. For private colleges and universities, the latter typically exceed the former, often by a wide margin, due to the gimmick of "prestige pricing." I'm sure the cost of higher education has risen disproportionately by either measure, but if the graph indicates average sticker prices, it might make the situation out to be more extreme than it really is.
This was a great read, learned something new. Thank you!
I remember constantly being super impressed by assistant professors and adjuncts as an undergrad, and then wondering why all these geniuses decided to torture themselves by condemning themselves to poverty, and to a certain extent, obscurity, and also getting stuck in the academic status machine in which your competing with tons of other super smart people.
I think it’s basically a Venus flytrap slow process… and also the huge nine monetary benefits.
If half of them decided to start a business or something they would have more influence on the world, and probably make it better and have an easier life for themselves.
The best part is, depending on the subject, you can occasionally publish articles for free without the pressure to P hack or have to think of something brilliant every 5 seconds, (which of course is impossible which is why so many journal articles feel like spam emails) same thing with full professors really.
Is it still advisable to invest in it?