Earlier quoted context omitted.
> Yes, and the US system is the envy of the world and is responsible for the overwhelming majority of wealth generated in the US over the past few decades The benefits of the U.S. university system aren’t generated by average people taking a debt-financed 4 year vacation. They are generated by the same subset of people who would still be attending university even in a scaled down system that sent far fewer people to…
In your view the benefits of university are that rich people go there? Did I somehow completely misunderstand?
It is certainly plausible that the most benefit to society comes from people that are both educated and empowered.
Whether the cost of that empowerment > the burden outsourced to society, well, that is another discussion.
Perhaps more on point, because I definitely think we can find examples of this in practice, it’s perhaps more truthy and also more actionable to say that college provides its optimal outcomes when it serves people who have intrinsic gifts that are empowered by knowledge. Sometimes these gifts are resources, but often these gifts are cognitive brilliance. Either one is like oxidiser for the fuel of knowledge, but especially brilliance when given resources.
I’m pretty sure that for the majority of college graduates, aside from its social signalling value, the amount of their secondary education that directly benefits them in their life could fit in a couple of years of summer school or a year of community college.
A quarter million dollars in debt is a tragic price to pay for a couple thousand dollars of educational utility. A system that requires a social signal 100x more costly than the value it represents is externalising that cost onto everyone, and the only benefits flow to financiers and the moneyed class.
Aside from educational titles (as opposed to capabilities) society is generally sensible regarding the cost of symbols vs the reality they facade.
We recognise the ridiculousness of people owing $90,000 for a truck when they live in a dilapidated trailer on a rented lot. We understand that a man who lives hand to mouth but wears a half of kilogram of gold around his neck is probably not making the best life decisions. We ridicule the faux-intellectual with their ridiculously stilted props. But somehow, we are convinced to dress up our children like heirs to the crown and send them to finishing school for their jobs in retail. It’s a profound mis-investment.
It’s also worth noting that it is way more expensive to provide an education to the intellectual proles than it is to educate brilliant and hungry minds. We are shovelling money (distilled human effort) into a furnace of misery in the service of vanity.