An interesting piece by Adam Davidson –
Davidson notes:
“If colleges and
universities were just another consumer good, like cars or clothes, we wouldn’t
worry as much about their cost. The rich pay more for the best stuff; the poor
pay less for the worst. That’s the market at work. But higher education is both
an individual and a public concern.
...
This makes no economic sense: Once students drop out of community college, taxpayers will continue to pay their bills. That’s not called education funding; it’s called welfare or criminal-justice or health care expenditures. The difference is significant. In the language of economics, education funding is an investment; it more than pays back its initial costs over time. The other expenses are known as transfer payments; which means they make society poorer. In an economy that demands and rewards education, those who have it will pay the bills for those who don’t."
Related:
...
This makes no economic sense: Once students drop out of community college, taxpayers will continue to pay their bills. That’s not called education funding; it’s called welfare or criminal-justice or health care expenditures. The difference is significant. In the language of economics, education funding is an investment; it more than pays back its initial costs over time. The other expenses are known as transfer payments; which means they make society poorer. In an economy that demands and rewards education, those who have it will pay the bills for those who don’t."
Related:
Choosing a College Major
http://www.economist.com/news/united-states/21646220-it-depends-what-you-study-not-where