Wednesday, February 18, 2004

Rates of Return to Education

This image puts some numbers behind my contention that universal primary education is a far better goal to aim for than the churning out of university graduates LDC economies are poorly placed to absorb.
Rates of Return for Education

I daresay that it is probably true that too many people go to university even in OECD countries like the UK and the United States. One way of reducing this oversupply would be to make university students bear more of the true cost of the educations they are obtaining, a measure Tony Blair has commendably attempted to effect, and the Tories, in a complete absence of principle, sought to undermine; even though Blair managed to carry the day, I'd say his proposals go nowhere near far enough to compensating for the damage done to the British higher education sector by his own government's foolish insistence on a numerical target of 50% of all students going to university.