Education—First You Give It Reverence—Then You Give It Money
Do not think about, write about or deal with human behavior without determining the effects of incentives.
Education, including higher education, is one of the new religions and is regarded with irrational reverence far beyond its real value. If the housing increase was a bubble, what was the higher education bubble? I would be interested to know, a) how inefficient universities are and, b) what percentage of useful knowledge is acquired outside formal education.
The chart below is an example, in my opinion, of this irrational reverence and the ability of government-supported enterprises to waste money.
Cheerio and ttfn,
Grant Coulson
Cui Bono–Cherchez les Contingencies
