3 ms·
"Supply and demand" doesn't explain anything until you recognize that what universities sell, is prestige. That's the key point of the article.
by roc 17y ago
"Supply and demand" doesn't explain anything until you recognize that what universities sell, is prestige.
That's the key point of the article.
- nazgulnarsil 17y agoI'd generalize this further: economics doesn't explain anything until you realize that money is only one sort of accounting of wealth and status transfer.
- kokofoo 17y agoI can see the opposite side too. Prestige isn't worth much if nobody willing to pay for it. But the fact is there are people willing to pay for it. EDIT: I guess that's what you're saying as well.
- Qz 17y agoAnd why are people willing to pay for it? Because universities have marketed said prestige as something that is absolutely essential to success in the modern world. So of course people will buy it.
- bradbeattie 17y agoI won't deny that prestige is part of the package, but I feel I got my money's worth out of the education portion. YMMV.