THERE are plenty of good reasons for a young person to choose to move to university: mental growth,career opportunities, having fun. Around half of school-leavers in the wealthy world now do so, and the share is rising in poorer countries,too.
Governments are keen on higher education, seeing it as a means to boost social mobility and economic growth. Almost all subsidise tuition—in America, or to the tune of $200bn a year. But they tend to overestimate the benefits and ignore the costs of expanding university education (see article). Often,public money just feeds the arms race for qualifications.
As more young people seek degrees, the returns both to them and to governments are lower. Employers demand degrees for jobs that never required them in the past and own not become more demanding since. In a desperate attempt to stand out, or students...
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Source: economist.com