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My theory about the meteoric rise in US undergraduate tuition since the early 1980s is that colleges and universities realized they could turn undergraduate deg
by akeck 8y ago
My theory about the meteoric rise in US undergraduate tuition since the early 1980s is that colleges and universities realized they could turn undergraduate degrees into Veblen goods.
- nemothekid 8y agoI don't think demand increases as the price goes up - only that colleges realized demand for an undergraduate degree was inelastic and that consumers could pay any price because they could get guaranteed loans from the government.
- dredmorbius 8y agoSlightly, for elite universities. More generally, education-as-credentialling, which is a form of signalling.