PETER WOOD: The Bubble: Higher Education’s Precarious Hold on Consumer Confidence.

The outlines are simple. The price of attaining a college degree has skyrocketed while the rewards of attaining a college degree have slumped. Sooner or later, people will notice that they are being asked to spend a great deal of money for a meager result. If enough people notice this and consequently decide not to spend at comparable levels and to seek lower priced alternatives—daisies instead of tulips—the bubble will burst.

Defenders of the current system point to reasons why this won’t happen. My own view is that we are indeed facing a bubble, but before turning to that prognosis, it helps to start with the counter-arguments.

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