As I have long argued, it was a huge mistake for the federal government ever to begin financing higher education. The results have been terrible — ever higher costs accompanied by the dumbing down and politicization of the curriculum. Something more than tinkering needs to be done.

In today’s Martin Center article, Professor Michael Kochin argues in favor of a student aid system that distinguishes between education with public benefits and that which has personal, private benefits.

He includes education in civics and the liberal arts in the former: “Within the liberal arts, programs rooted in history, political philosophy, and ethics have clear public value. To be prepared to be jurors or voters for county sheriff, citizens should have studied the great thinkers on law, justice, and punishment, or had their opinions enlightened by their fellow citizens who have been so educated.”

Kochin would also provide aid for students who want to pursue careers in medicine, but would also impose controls on the costs schools can charge.

On the other hand, education with only private benefits should not be federally subsidized: “Individual higher education that is primarily a private good should be privately financed by students or their families. By a ‘private good,’ the economist means a good whose enjoyment is private to the possessor and unshared with the public.”

Kochin concludes by saying that while Education Secretary McMahon is doing good work, Congress needs to act with significant changes to the law.