China Has Oversold Higher Ed Too
That’s the conclusion to be drawn from a Cato post by Neal McCluskey.
One of the common justifications for continuing the foolish policy of trying to get everybody through college in the U.S. is that if we don’t, other countries, especially China, will “get ahead of us.” The fact is that credentializing everyone doesn’t make a nation any more productive. If anything, by squandering resources on the bloated and inefficient education sector, it gets in the way of productivity.
I wonder: With the Chinese, was it simply the “error of imitation” (that is, the tendency among people in less developed nations to believe that the path to success is to copy what the U.S. does) or rent-seeking by a politically connected education establishment that led to the overexpansion of higher education?