Degrees of Value

Great piece by Glenn Reynolds on the changes coming to academia. College, like Social Security and Welfare, has been run as a Ponzi scheme since the GI Bill, with future plans and spending predicated on ever-increasing enrolment and tuition (subsidised by federal student loan programs). As enrolment falls and students become more price-conscious, institutions are going to have to cut costs, and not just by replacing faculty with adjuncts (although you can guarantee it will be the last administrator turning off the lights).