Clay Shirky lays it out for you

Clay Shirky summarizes today’s situation eloquently in The End of Higher Education’s Golden Age. A few of the choicest bits:

Decades of rising revenue meant we could simultaneously become the research arm of government and industry, the training ground for a rapidly professionalizing workforce, and the preservers of the liberal arts tradition. Even better, we could do all of this while increasing faculty ranks and reducing the time senior professors spent in the classroom. This was the Golden Age of American academia.

…so long as college remained a source of cheap and effective job credentials, our new sources of support—students with loans, governments with research agendas—were happy to let us regard ourselves as priests instead of service workers.

…Over the decades, though, we’ve behaved like an embezzler who starts by taking only what he means to replace, but ends up extracting so much that embezzlement becomes the system. There is no longer enough income to support a full-time faculty and provide students a reasonably priced education of acceptable quality at most colleges or universities in this country.

…Of the twenty million or so students in the US, only about one in ten lives on a campus. The remaining eighteen million –the ones who don’t have the grades for Swarthmore, or tens of thousands of dollars in free cash flow, or four years free of adult responsibility– are relying on education after high school not as a voyage of self-discovery but as a way to acquire training and a certificate of hireability.

Oh but I was fortunate to be in when I was, and to exit when I did…

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