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Yes and no. If fewer people have degrees, the status will go up. If more people don't even consider them, demand also goes down and hence prices. So status and
by nagrom 15y ago
Yes and no. If fewer people have degrees, the status will go up. If more people don't even consider them, demand also goes down and hence prices. So status and cost can both drop until it becomes cheap enough that everyone gets a degree as a matter of course. And then the cycle starts again...
- hnhg 15y agoJust like any luxury good, they'll restrict the supply while keeping the price high. Simply because many people don't even consider Prada shoes as an option hasn't made them any cheaper.
- nagrom 15y agoWe're not considering only luxury goods though. There'll always be other suppliers of shoes willing to cut their prices to match demands, just like other colleges will cut their prices to match a spectrum of demand. I think the point is that a Harvard degree will remain viewed as worth more than a Podunk College degree, regardless of the demand because the supply is naturally self-limiting. However, the cost of Podunk College will oscillate with the demand/supply.