A HIGHER EDUCATION BUBBLE INDICATOR? Paul Krugman questions the value of a college degree. Well, he’s catching up, but still behind.

UPDATE: Carl Stritter emails: “Every time Paul Krugman sits down at his typewriter he proves that a college degree is valueless.” Heh. And here are some thoughts from Walter Russell Mead. “Even a stopped clock is right twice a day; Paul Krugman was almost this lucky in his recent New York Times column. . . . And Krugman’s column also illustrates the point I made in The Crisis of the American Intellectual: that many of the smartest and best educated people in this country are so blinkered and blinded by the assumptions and values of the blue social model that they simply cannot think outside the box. . . . Krugman’s column is part of a much broader trend: the intellectual and economic underpinnings of the blue social model are in a process of accelerating and serial collapse. . . . The problem with the blue social model today is systemic. It’s not a problem with one piece or another. The pieces are all falling down and breaking apart at once.”