https://issuesinsights.com/2022/04/08/college-degrees-are-a-bubble-and-a-collapse-is-on-the-way/
“Some people get an education without going to college. The rest get it after they get out.” — Mark Twain
In the field of economics, a “bubble” refers to something that is being absurdly increased in value, much more than its true worth. The classic examples are the tulip mania bubble and the South Seas bubble. One could even make the case the 1929 U.S. stock market was a bubble. The results of such bubbles are invariably disastrous.
College degrees are a bubble. Many, if not most, degrees being granted are geared to be circular, that is, they are required for an academic setting. There, college graduates can happily regurgitate what their former professors told them, who in turn, repeated what their professors told them, each academic at each level in the process feeling very intellectual and very original. The problem is that there is a limited number of institutions that employ people to work in those fields or teach in them. Some politicians are proposing to exacerbate the quandary by offering free tuition, with the slogan, “Everybody deserves [?] a college education.”
Third World countries are faced with a huge mass of college graduates who cannot find a job — any job. I do not exaggerate when I say that if one of those college graduates lands a job at a local MacDonald’s, that graduate feels lucky, indeed. As has been observed, this tends to radicalize the resentful, unemployed, graduates, since they feel they are owed a job and status simply due to having gone to a university.