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In a World Shaped by College Dropouts, Education is the Next Bubble

49 points by kevin_morrill 14y ago

noonespecial 14y ago
I'm so sorry. I know its totally off topic, but I just can't read those first three words in anything other than Don LaFontaine voice.
- kevin_morrill 14y ago
  This Referly page may be right up your alley: https://refer.ly/the_men_behind_movie_trailers/c/aaf97926603b11e2b5ab22000a1db8fa https://refer.ly/the_men_behind_movie_trailers/c/aaf97926603... The routine by Pablo Francisco makes me laugh every time. On a more serious note, one of the gems in this page is the Art History series called Civilisation by Kenneth Clark. PG recommended this guy in one of his essays, and it's one of the best things I've watched all year. I feel like I have such a better perspective on art now.
_delirium 14y ago
The post does quote one popular statistics aphorism, "correlation is not causation", but is sorely in need of another of them, "the plural of 'anecdote' is not 'data'". There are interesting arguments for or against college, but a list of a handful of successful college dropouts is not one of the better arguments.
- chewxy 14y ago
  Hey, don't knock people's dreams of being black swans. /sarcasm You know, we're in such a society where it's wrong to knock some common sense into people. It's weird
- randomdata 14y ago
  I don't see it that way. Anecdotes are not data, certainly, but the article really only uses those anecdotes to disprove the premise that education == success. Anecdotes are more than sufficient to accomplish that. Just one success story would have been enough. He does go on to question if a degree could even be a liability, but I would suggest that the wording acknowledges that he doesn't have sufficient data to form any hard conclusions. I didn't take it as an argument, just a tangent on something that would be interesting to measure in the future that relates to the rest of the story.
  - _delirium 14y ago
    Sure, anecdotes do prove the point that it's possible to have success without education. But there have always been examples here and there; even outside of tech, you could become the next Keith Richards. It's just not very likely. I think it's possible things are shifting (at least in tech, probably not as much in other areas) so that college degrees aren't as big a benefit, but a handful of extreme successes aren't where you'd find evidence of that.
    - randomdata 14y ago
      Mind you, success (depending on how you define it) is not very likely, regardless of your background. 95% of the population in North America earn less than $80K per year. A decent income at the high end, but not what most people consider successful. Looking closer at the numbers, the top 1% is comprised of 27% without a degree and 24% with a non-graduate degree. That seems indicate to me that there is no real benefit to having a "plain old" degree with regards to success at all. The remaining 49% have a post-graduate degree. This indicates that there may be some merit to pursuing post-graduate studies. However, we already know that most JD and MD graduates generally make 1% incomes due to market protections associated with that education, so it is not clear if any old post-graduate degree would also put you at the same level. Unfortunately, the data that I have access to does not break it down any further. The numbers most certainly demonstrate a correlation with education and achievement in work, but the variability between people is so wide the numbers are basically meaningless with respect to any common interpretations. So far, I have not found any compelling argument for a college education in this context (there are a million other good reasons, of course), outside of areas where legal protections exist. If you dream is to be a doctor then a college education is a must, obviously, but it is not so clear cut for the common man.
- freshhawk 14y ago
  I laughed out loud at having the heading "correlation is not causation" right below his list of successful dropouts.
snoonan 14y ago
Selling most academic learning in a physical space makes about as much sense as selling information printed on paper.
- aheilbut 14y ago
  Curiously, information printed on paper remains the key to enabling academic learning anywhere.
- drakeandrews 14y ago
  I like my books, thank you very much. I've never felt fearful over my safety reading a book on the train. I've never had the sudden urge to put a book away lest someone try and take it from me. And it is still orders of magnitude easier for me to lend someone a book than it is to (legally) give them a copy of one of the many ebooks I own for a while. In addition, I am currently at a (supposedly) top university in London. Everything in my lectures I could adequately teach myself with the books on the course, Wikipedia and Wolfram Mathworld. This isn't why I'm paying ten thousand pounds a year (roughly, including living costs). I'm paying ten thousand pounds a year to get an excuse to be around smart people my age for three years in London. I've met so many brilliant people in my time here and despite a brief period where I was almost committed to dropping out I ultimately decided otherwise (partly because I'd already sunk eighteen months and twenty thousand pounds into it, partly because completing it would only be another eighteen months and another ten thousand pounds plus a degree whose value may be questionable but if anyone can point out any downsides, considering the already large investment I've made, I'd be more than happy to hear them). I'd get none of these upsides had I merely done a bunch of online courses and read some books on maths and programming.
  - randomdata 14y ago
    I think your post accurately describes the problem with education today. I, for one, hate paper with a passion. There is not one redeeming quality offered by it, from my perspective. Obviously you take the exact opposite stance, and, importantly, that doesn't make you wrong. As you have illustrated here: Everyone is different, but our education system only serves a subset of the population who fit that particular mould. We don't need to destroy college, and in fact it is important to keep it alive, but we need to recognize that it is not the only game in town. The computer didn't eliminate paper, but it did give us choice. Choice, with recognition of achievement, is what education desperately needs.
vsbuffalo 14y ago
But employers use diplomas as a signal[0]. The increases in the number of college graduates only further necessitates that smart people require one for signaling their productivity. [0] http://en.wikipedia.org/wiki/Signalling_(economics) http://en.wikipedia.org/wiki/Signalling_(economics) Search for "sheepskin"
- yarianluis 14y ago
  From your link: "The informational value of the credential comes from the fact that the employer assumes it is positively correlated with having greater ability." An often-cited reason why a lot of recent college-grads are without jobs is that they are not actually prepared for real work. As the number of people graduate college, the meaning of a degree lessens. If everyone has one, then it stops meaning as much.
- randomdata 14y ago
  Employers have used diplomas as a signal in the past, but signals can and do change, and I would argue is changing. I can't help but feel the recent UW announcement about allowing auto didactics to obtain a degree without the class time is their realization of this.
sonabinu 14y ago
Why does it have to be a bubble, if there is new learning involved at minimal cost? I feel it will just lead to a great disparity in learning amongst those who have access to the internet and those who do not. Not to mention those who are self-motivated and those who are not.
brennenHN 14y ago
While I agree that education is going to change fundamentally over the course of our lives, this article represents both a misunderstanding of the housing bubble and the likely path of education in our country. Our community can be somewhat insular and we forget the incredible value that higher education provides to the job market at large, and as unemployment rates rise, the disparity grows and makes education more valuable, not less. I had hoped this would be an article about the practice of selling bad student debt (debt from dropouts unlikely to pay it back) as a way to get around new regulations. Instead it listed the same, tired list of famous people who dropped out of college. We all know their names and most of us also know that the vast majority of successful entrepreneurs have at least their bachelors degrees, and that a huge percent also have masters or phds.
- randomdata 14y ago
  "Our community can be somewhat insular and we forget the incredible value that higher education provides to the job market at large, and as unemployment rates rise, the disparity grows and makes education more valuable, not less." Unemployment rates (or levels of income, for that matter) by education attainment are not particularly interesting, in my opinion. People who are smart and motivated generally go to college, so it is difficult to measure them against smart and motivated people who did not go to college.
codex 14y ago
Argh, more bait from refer.ly founders. The refer.ly modus operandi seems to be: a) write evergreen content that HN users are likely to upvote or read (HN catnip) based on current HN trends b) fill content with paid referral links c) post catnip to HN
- deleted 14y ago
  [deleted]
- dmor 14y ago
  you missed two crucial steps: d) figure out what readers want and extend to 1000s of online communities e) profit How would you suggest starting a massively distributed publishing business with no ads?
  - azifali 14y ago
    I think YC is a wrong place to send in referral links unless of course data proves it otherwise. At least I am glad it isn't one of those "my mom started to work from home" ads :)
  - codex 14y ago
    Will members of these thousands of online communities also write content merely as a vehicle to embed referral links? If so, I'm not sure that's socially redeeming. It feels like a content farm operation. At least with legitimate ad supported sites the content is written before the ads (Google figures out what ads to serve after the fact). The content is may still be bait, but it's not designed to shill something specific, as might happen in a system like this.
- rdl 14y ago
  I was actually really happy with this particular post. It had good content and well selected items. I really doubt referly is trying to make revenue by posting on hn. More likely, it is to get feedback on product and design. People post links about their own products all the time, and the community is pretty supportive, generally. After all, if you wrote a blog engine and blogger with it, and wanted to make a blog post to link to hn, it would probably be with your own blog engine, not Wordpress. (I do agree that some of their "top 20 lists of random products" were kind of borderline; I'd cut them slack as a startup, particularly since dmor has been super helpful in the startup community (she mentors at 500 Startups, etc.). I don't really like her or Kevin's taste in some products like food, though.)
michaelochurch 14y ago
The college tuition phenomenon is an example of a very weird bubble. Of the hundreds of well-studied economic bubbles, there isn't one quite like it. I'm fairly comfortable saying that it's impossible to predict when it will go down. It could happen next year, or not until 50 have passed. We know that education itself is of multi-trillion-dollar importance. It's the difference between stagnation and growth and, for a society, progress and failure. How people think influences what they do. By and large, most people are underprepared for the problems and complexities of the future. People talk about the Singularity and Strong AI but, if you've actually read some corporate source code, you become a bit more pessimistic. 95% of paid professional programmers can't even write shitty business apps well. So that's Weird Thing #1 about this bubble. It involves something that actually is very important-- not gold or tulip bulbs or stock in silly companies. Of course, you don't need to spend $160,000 on an elite college to get a decent education. That gets to the real reason people are paying so much. We also know that social connections matter for personal position. It's a zero-sum game and it's shitty that we have to play it, but if you don't get the "who you know" game in order, then you can't make use of what you know, and you become yet another bitter, smart underachiever. That's even more miserable than being a regular, ignorant person. That's Weird Thing #2 about this education bubble: it pertains to a social need that many people feel intensely and experience bitterly. If those Ivy League colleges are delivering on connections, they're probably worth $160,000. Which is why they get away with charging that much. They could probably triple it, were it not for the image problems of drawing attention to the socioeconomic issues. (They wouldn't actually make themselves unaffordable at $120k per year, because they'd be offering a lot more financial aid except to the very rich. However, putting the full-price level at that point would draw negative secondary attention.) The tuition bubble is about the social connections. Do not be deluded on this. Education is a secondary concern in all that, especially when we're talking about private pre-schools where the quality is ancillary: it's about the "feeder" effect. How did degenerate connection-seeking get conflated with education? We have a weird superego in our society that says that the best way to spend ages 18-22 is to live in a way mirroring how the upper class wants to perceive itself, as opposed to how it actually is (see Xoxohth for that, because while most of its posters are not upper-class themselves, they have U.S. upper class attitudes down). College, for most Americans, is this period of making connections that involves courses because of that ghost of a superego that says we're supposed to find those things important, especially if we want to run the world. (The actual people who run the world are uneducated, ignorant garbage, but I'll step over that issue for now.) MBA programs are more brazen about this. It's a regular thing for an MBA professor to reschedule exams to accommodate student travel and social events. Top MBAs are the only educational program (to my knowledge) where professors are virtually required to accommodate students' social calendars. So why is tuition high? Education is important to society, even at those ridiculous price levels. However, the price is mostly paid by the individual (well, parents) and that is because of the connections. I don't think anyone can predict how this will play out. Escalating economic inequality increases the importance of social connections, which means that more money is going to get sucked away in the search for them. Expensive, reputable colleges are (a) the most socially acceptable way to turn money into connections for young people, and (b) a socially acceptable way to transfer wealth across generations. That isn't going to fade out just because we've found better ways of disseminating information on the Internet. Don't get me wrong: online education is going to be quite powerful, and we're going to see some awesome progress in the next decade or two, but this extremely profitable (for some institutions) pattern of social-connection seeking is not going to disappear just yet.
deleted 14y ago
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elliott99 14y ago
What if someone, like, wants to become a doctor, needs to learn pre-medical subjects? Self-study is better?
- dougk16 14y ago
  This is just a purely academic response to your question, but if you took me straight out of high school, and just dropped me into an apprenticeship-type situation in any medical field, I'm pretty confident I could come out just as competent had I gone through the classical college->residency gauntlet, and probably in a shorter amount of time. This of course assumes I have a minimum level of intelligence/work-ethic, a passion for medicine, and there were enough willing doctors going around to fulfill the demand for apprenticeships, but I think it's thusly theoretically possible to do away with college, although it would never happen.
- dr_doom 14y ago
  Yeah because the majority of college students are going to study medicine. When people talk about the "end" of higher education they mean an end to the thousands of psychology, communications, liberal arts type degrees. We will still have universities and phd's but not kids taking on thousands in debt so universities can build massive new building and sports arenas.
- randomdata 14y ago
  I don't think there is a better and we need to stop thinking in such polarized ways. People are different. Some people excel with formal direction, other excel on their own, and some people excel with all kinds of combinations in between.
- barry-cotter 14y ago
  US medical education is provably inefficient. You can take a sufficiently intelligent 17 year old and give them a top notch medical education in five years. In Ireland and the UK Medicine is an undergraduate degree and takes five or six years depending on the university. If you got rid of summers off you could do it very comfortably in four. Making medicine a second entry degree is a giant waste of social resources.
elliott99 14y ago
What if someone, like, wants to become a doctor, needs to learn pre-medical subjects? Self-study is better?
bossx 14y ago
Without degrees there would be no employees to work at the dropout's companies.
- yarianluis 14y ago
  Unless you are trying to make a snarky remark about college-graduates being taught how to work for someone else instead of run their own company--this is not true. It is not hard to imagine a society where work is more collaboration among equals and less hierarchical. I.e. Valve Software.
Evbn 14y ago
In a world shaped by social media sites, blogspamming yesterday's HN topics is the next bubble.
mtalantikite 14y ago
Just want to point out that all of your examples are white men. Higher education is still a great way for those who don't already have every door open to them to advance in the world.
- nathos 14y ago
  Not exactly what you're talking about, but you reminded me of this study I came across a few days ago: http://www.kellogg.northwestern.edu/news/unseen_disadvantage.htm http://www.kellogg.northwestern.edu/news/unseen_disadvantage...
robryan 14y ago
As an aside, is it correct that John Carmack is a billionaire?
venomsnake 14y ago
Or maybe these "dropouts" were so smart and business apt that the educational system was holding them back. http://www.joelonsoftware.com/items/2006/06/16.html http://www.joelonsoftware.com/items/2006/06/16.html I have the luck of having IQ in the low 150s, I have barely had the need to to ever study. I can make up all the formulas, proof and laws needed for math, physics,chemistry on the fly. And these guys - they have way more raw brainpower than me, and some of them dumb luck. I suppose the Bill Gates was even more bored back in the time without lolcats to waste his time on. So unless you can read 500 pages of detailed excel spec, understand and follow the IDispatch and COM while keeping the whole of the previous versions of excel quirks in your head in a few hours - don't drop out. Of course the question why college is so expensive, while in the rest of the world is affordable is another thing.
- kelnos 14y ago
  Agreed. Most articles that try to make the argument "these great successes dropped out of college, so college is superfluous" fail to recognize that these great successes are unusual people. Whether that means they were much smarter than their peers, were more tenacious or hard-working, or just ended up at the right place at the right time, these stories are not common. By all means, if you're a Gates, Zuckerburg, Carmack, Ford... drop out of college and do your own thing. But for every one of those, there are scores of people who would fail hard, to their extreme detriment, if they followed that path.
pasbesoin 14y ago
Ok, in a nutshell: There were useful things for me to learn in college. But, for me, it was incredibly inefficient. In part, due to my own shortcomings. But... as part of a college career and education, I would expect some significant guidance. And, in addition to everything else, that was rather completely lacking, in my own experience. To use the TL;DR meme: College is the new high school. (Only, our society can't support four more years of high school. And so the system is now rapidly breaking down.)

49 points by kevin_morrill 14y ago

I'm so sorry. I know its totally off topic, but I just can't read those first three words in anything other than Don LaFontaine voice.

kevin_morrill 14y ago
This Referly page may be right up your alley: https://refer.ly/the_men_behind_movie_trailers/c/aaf97926603b11e2b5ab22000a1db8fa https://refer.ly/the_men_behind_movie_trailers/c/aaf97926603... The routine by Pablo Francisco makes me laugh every time. On a more serious note, one of the gems in this page is the Art History series called Civilisation by Kenneth Clark. PG recommended this guy in one of his essays, and it's one of the best things I've watched all year. I feel like I have such a better perspective on art now.

_delirium 14y ago

The post does quote one popular statistics aphorism, "correlation is not causation", but is sorely in need of another of them, "the plural of 'anecdote' is not 'data'". There are interesting arguments for or against college, but a list of a handful of successful college dropouts is not one of the better arguments.

chewxy 14y ago
Hey, don't knock people's dreams of being black swans. /sarcasm You know, we're in such a society where it's wrong to knock some common sense into people. It's weird
randomdata 14y ago
I don't see it that way. Anecdotes are not data, certainly, but the article really only uses those anecdotes to disprove the premise that education == success. Anecdotes are more than sufficient to accomplish that. Just one success story would have been enough. He does go on to question if a degree could even be a liability, but I would suggest that the wording acknowledges that he doesn't have sufficient data to form any hard conclusions. I didn't take it as an argument, just a tangent on something that would be interesting to measure in the future that relates to the rest of the story.
- _delirium 14y ago
  Sure, anecdotes do prove the point that it's possible to have success without education. But there have always been examples here and there; even outside of tech, you could become the next Keith Richards. It's just not very likely. I think it's possible things are shifting (at least in tech, probably not as much in other areas) so that college degrees aren't as big a benefit, but a handful of extreme successes aren't where you'd find evidence of that.
  - randomdata 14y ago
    Mind you, success (depending on how you define it) is not very likely, regardless of your background. 95% of the population in North America earn less than $80K per year. A decent income at the high end, but not what most people consider successful. Looking closer at the numbers, the top 1% is comprised of 27% without a degree and 24% with a non-graduate degree. That seems indicate to me that there is no real benefit to having a "plain old" degree with regards to success at all. The remaining 49% have a post-graduate degree. This indicates that there may be some merit to pursuing post-graduate studies. However, we already know that most JD and MD graduates generally make 1% incomes due to market protections associated with that education, so it is not clear if any old post-graduate degree would also put you at the same level. Unfortunately, the data that I have access to does not break it down any further. The numbers most certainly demonstrate a correlation with education and achievement in work, but the variability between people is so wide the numbers are basically meaningless with respect to any common interpretations. So far, I have not found any compelling argument for a college education in this context (there are a million other good reasons, of course), outside of areas where legal protections exist. If you dream is to be a doctor then a college education is a must, obviously, but it is not so clear cut for the common man.
freshhawk 14y ago
I laughed out loud at having the heading "correlation is not causation" right below his list of successful dropouts.

snoonan 14y ago

Selling most academic learning in a physical space makes about as much sense as selling information printed on paper.

aheilbut 14y ago
Curiously, information printed on paper remains the key to enabling academic learning anywhere.
drakeandrews 14y ago
I like my books, thank you very much. I've never felt fearful over my safety reading a book on the train. I've never had the sudden urge to put a book away lest someone try and take it from me. And it is still orders of magnitude easier for me to lend someone a book than it is to (legally) give them a copy of one of the many ebooks I own for a while. In addition, I am currently at a (supposedly) top university in London. Everything in my lectures I could adequately teach myself with the books on the course, Wikipedia and Wolfram Mathworld. This isn't why I'm paying ten thousand pounds a year (roughly, including living costs). I'm paying ten thousand pounds a year to get an excuse to be around smart people my age for three years in London. I've met so many brilliant people in my time here and despite a brief period where I was almost committed to dropping out I ultimately decided otherwise (partly because I'd already sunk eighteen months and twenty thousand pounds into it, partly because completing it would only be another eighteen months and another ten thousand pounds plus a degree whose value may be questionable but if anyone can point out any downsides, considering the already large investment I've made, I'd be more than happy to hear them). I'd get none of these upsides had I merely done a bunch of online courses and read some books on maths and programming.
- randomdata 14y ago
  I think your post accurately describes the problem with education today. I, for one, hate paper with a passion. There is not one redeeming quality offered by it, from my perspective. Obviously you take the exact opposite stance, and, importantly, that doesn't make you wrong. As you have illustrated here: Everyone is different, but our education system only serves a subset of the population who fit that particular mould. We don't need to destroy college, and in fact it is important to keep it alive, but we need to recognize that it is not the only game in town. The computer didn't eliminate paper, but it did give us choice. Choice, with recognition of achievement, is what education desperately needs.

vsbuffalo 14y ago

But employers use diplomas as a signal[0]. The increases in the number of college graduates only further necessitates that smart people require one for signaling their productivity. [0] http://en.wikipedia.org/wiki/Signalling_(economics) http://en.wikipedia.org/wiki/Signalling_(economics) Search for "sheepskin"

yarianluis 14y ago
From your link: "The informational value of the credential comes from the fact that the employer assumes it is positively correlated with having greater ability." An often-cited reason why a lot of recent college-grads are without jobs is that they are not actually prepared for real work. As the number of people graduate college, the meaning of a degree lessens. If everyone has one, then it stops meaning as much.
randomdata 14y ago
Employers have used diplomas as a signal in the past, but signals can and do change, and I would argue is changing. I can't help but feel the recent UW announcement about allowing auto didactics to obtain a degree without the class time is their realization of this.

sonabinu 14y ago

Why does it have to be a bubble, if there is new learning involved at minimal cost? I feel it will just lead to a great disparity in learning amongst those who have access to the internet and those who do not. Not to mention those who are self-motivated and those who are not.

brennenHN 14y ago

While I agree that education is going to change fundamentally over the course of our lives, this article represents both a misunderstanding of the housing bubble and the likely path of education in our country. Our community can be somewhat insular and we forget the incredible value that higher education provides to the job market at large, and as unemployment rates rise, the disparity grows and makes education more valuable, not less. I had hoped this would be an article about the practice of selling bad student debt (debt from dropouts unlikely to pay it back) as a way to get around new regulations. Instead it listed the same, tired list of famous people who dropped out of college. We all know their names and most of us also know that the vast majority of successful entrepreneurs have at least their bachelors degrees, and that a huge percent also have masters or phds.

randomdata 14y ago
"Our community can be somewhat insular and we forget the incredible value that higher education provides to the job market at large, and as unemployment rates rise, the disparity grows and makes education more valuable, not less." Unemployment rates (or levels of income, for that matter) by education attainment are not particularly interesting, in my opinion. People who are smart and motivated generally go to college, so it is difficult to measure them against smart and motivated people who did not go to college.

codex 14y ago

Argh, more bait from refer.ly founders. The refer.ly modus operandi seems to be: a) write evergreen content that HN users are likely to upvote or read (HN catnip) based on current HN trends b) fill content with paid referral links c) post catnip to HN

deleted 14y ago
[deleted]
dmor 14y ago
you missed two crucial steps: d) figure out what readers want and extend to 1000s of online communities e) profit How would you suggest starting a massively distributed publishing business with no ads?
- azifali 14y ago
  I think YC is a wrong place to send in referral links unless of course data proves it otherwise. At least I am glad it isn't one of those "my mom started to work from home" ads :)
- codex 14y ago
  Will members of these thousands of online communities also write content merely as a vehicle to embed referral links? If so, I'm not sure that's socially redeeming. It feels like a content farm operation. At least with legitimate ad supported sites the content is written before the ads (Google figures out what ads to serve after the fact). The content is may still be bait, but it's not designed to shill something specific, as might happen in a system like this.
rdl 14y ago
I was actually really happy with this particular post. It had good content and well selected items. I really doubt referly is trying to make revenue by posting on hn. More likely, it is to get feedback on product and design. People post links about their own products all the time, and the community is pretty supportive, generally. After all, if you wrote a blog engine and blogger with it, and wanted to make a blog post to link to hn, it would probably be with your own blog engine, not Wordpress. (I do agree that some of their "top 20 lists of random products" were kind of borderline; I'd cut them slack as a startup, particularly since dmor has been super helpful in the startup community (she mentors at 500 Startups, etc.). I don't really like her or Kevin's taste in some products like food, though.)

michaelochurch 14y ago

The college tuition phenomenon is an example of a very weird bubble. Of the hundreds of well-studied economic bubbles, there isn't one quite like it. I'm fairly comfortable saying that it's impossible to predict when it will go down. It could happen next year, or not until 50 have passed. We know that education itself is of multi-trillion-dollar importance. It's the difference between stagnation and growth and, for a society, progress and failure. How people think influences what they do. By and large, most people are underprepared for the problems and complexities of the future. People talk about the Singularity and Strong AI but, if you've actually read some corporate source code, you become a bit more pessimistic. 95% of paid professional programmers can't even write shitty business apps well. So that's Weird Thing #1 about this bubble. It involves something that actually is very important-- not gold or tulip bulbs or stock in silly companies. Of course, you don't need to spend $160,000 on an elite college to get a decent education. That gets to the real reason people are paying so much. We also know that social connections matter for personal position. It's a zero-sum game and it's shitty that we have to play it, but if you don't get the "who you know" game in order, then you can't make use of what you know, and you become yet another bitter, smart underachiever. That's even more miserable than being a regular, ignorant person. That's Weird Thing #2 about this education bubble: it pertains to a social need that many people feel intensely and experience bitterly. If those Ivy League colleges are delivering on connections, they're probably worth $160,000. Which is why they get away with charging that much. They could probably triple it, were it not for the image problems of drawing attention to the socioeconomic issues. (They wouldn't actually make themselves unaffordable at $120k per year, because they'd be offering a lot more financial aid except to the very rich. However, putting the full-price level at that point would draw negative secondary attention.) The tuition bubble is about the social connections. Do not be deluded on this. Education is a secondary concern in all that, especially when we're talking about private pre-schools where the quality is ancillary: it's about the "feeder" effect. How did degenerate connection-seeking get conflated with education? We have a weird superego in our society that says that the best way to spend ages 18-22 is to live in a way mirroring how the upper class wants to perceive itself, as opposed to how it actually is (see Xoxohth for that, because while most of its posters are not upper-class themselves, they have U.S. upper class attitudes down). College, for most Americans, is this period of making connections that involves courses because of that ghost of a superego that says we're supposed to find those things important, especially if we want to run the world. (The actual people who run the world are uneducated, ignorant garbage, but I'll step over that issue for now.) MBA programs are more brazen about this. It's a regular thing for an MBA professor to reschedule exams to accommodate student travel and social events. Top MBAs are the only educational program (to my knowledge) where professors are virtually required to accommodate students' social calendars. So why is tuition high? Education is important to society, even at those ridiculous price levels. However, the price is mostly paid by the individual (well, parents) and that is because of the connections. I don't think anyone can predict how this will play out. Escalating economic inequality increases the importance of social connections, which means that more money is going to get sucked away in the search for them. Expensive, reputable colleges are (a) the most socially acceptable way to turn money into connections for young people, and (b) a socially acceptable way to transfer wealth across generations. That isn't going to fade out just because we've found better ways of disseminating information on the Internet. Don't get me wrong: online education is going to be quite powerful, and we're going to see some awesome progress in the next decade or two, but this extremely profitable (for some institutions) pattern of social-connection seeking is not going to disappear just yet.

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elliott99 14y ago

What if someone, like, wants to become a doctor, needs to learn pre-medical subjects? Self-study is better?

dougk16 14y ago
This is just a purely academic response to your question, but if you took me straight out of high school, and just dropped me into an apprenticeship-type situation in any medical field, I'm pretty confident I could come out just as competent had I gone through the classical college->residency gauntlet, and probably in a shorter amount of time. This of course assumes I have a minimum level of intelligence/work-ethic, a passion for medicine, and there were enough willing doctors going around to fulfill the demand for apprenticeships, but I think it's thusly theoretically possible to do away with college, although it would never happen.
dr_doom 14y ago
Yeah because the majority of college students are going to study medicine. When people talk about the "end" of higher education they mean an end to the thousands of psychology, communications, liberal arts type degrees. We will still have universities and phd's but not kids taking on thousands in debt so universities can build massive new building and sports arenas.
randomdata 14y ago
I don't think there is a better and we need to stop thinking in such polarized ways. People are different. Some people excel with formal direction, other excel on their own, and some people excel with all kinds of combinations in between.
barry-cotter 14y ago
US medical education is provably inefficient. You can take a sufficiently intelligent 17 year old and give them a top notch medical education in five years. In Ireland and the UK Medicine is an undergraduate degree and takes five or six years depending on the university. If you got rid of summers off you could do it very comfortably in four. Making medicine a second entry degree is a giant waste of social resources.

elliott99 14y ago

What if someone, like, wants to become a doctor, needs to learn pre-medical subjects? Self-study is better?

bossx 14y ago

Without degrees there would be no employees to work at the dropout's companies.

yarianluis 14y ago
Unless you are trying to make a snarky remark about college-graduates being taught how to work for someone else instead of run their own company--this is not true. It is not hard to imagine a society where work is more collaboration among equals and less hierarchical. I.e. Valve Software.

Evbn 14y ago

In a world shaped by social media sites, blogspamming yesterday's HN topics is the next bubble.

mtalantikite 14y ago

Just want to point out that all of your examples are white men. Higher education is still a great way for those who don't already have every door open to them to advance in the world.

nathos 14y ago
Not exactly what you're talking about, but you reminded me of this study I came across a few days ago: http://www.kellogg.northwestern.edu/news/unseen_disadvantage.htm http://www.kellogg.northwestern.edu/news/unseen_disadvantage...

robryan 14y ago

As an aside, is it correct that John Carmack is a billionaire?

venomsnake 14y ago

Or maybe these "dropouts" were so smart and business apt that the educational system was holding them back. http://www.joelonsoftware.com/items/2006/06/16.html http://www.joelonsoftware.com/items/2006/06/16.html I have the luck of having IQ in the low 150s, I have barely had the need to to ever study. I can make up all the formulas, proof and laws needed for math, physics,chemistry on the fly. And these guys - they have way more raw brainpower than me, and some of them dumb luck. I suppose the Bill Gates was even more bored back in the time without lolcats to waste his time on. So unless you can read 500 pages of detailed excel spec, understand and follow the IDispatch and COM while keeping the whole of the previous versions of excel quirks in your head in a few hours - don't drop out. Of course the question why college is so expensive, while in the rest of the world is affordable is another thing.

kelnos 14y ago
Agreed. Most articles that try to make the argument "these great successes dropped out of college, so college is superfluous" fail to recognize that these great successes are unusual people. Whether that means they were much smarter than their peers, were more tenacious or hard-working, or just ended up at the right place at the right time, these stories are not common. By all means, if you're a Gates, Zuckerburg, Carmack, Ford... drop out of college and do your own thing. But for every one of those, there are scores of people who would fail hard, to their extreme detriment, if they followed that path.

pasbesoin 14y ago

Ok, in a nutshell: There were useful things for me to learn in college. But, for me, it was incredibly inefficient. In part, due to my own shortcomings. But... as part of a college career and education, I would expect some significant guidance. And, in addition to everything else, that was rather completely lacking, in my own experience. To use the TL;DR meme: College is the new high school. (Only, our society can't support four more years of high school. And so the system is now rapidly breaking down.)