HIGHER education is one of the great successes of the welfare state. What was once the privilege of a few has become a middle-class entitlement, thanks mainly to government support. Some 3.5m Americans and 5m Europeans will graduate this summer. In the emerging world universities are booming: China has added nearly 30m places in 20 years. Yet the business has changed little since Aristotle taught at the Athenian Lyceum: young students still gather at an appointed time and place to listen to the wisdom of scholars.Now a revolution has begun (see article), thanks to three forces: rising costs, changing demand and disruptive technology. The result will be the reinvention of the university.Off campus, onlineHigher education suffers from Baumol’s disease—the tendency of costs to soar in labour-intensive sectors with stagnant productivity. Whereas the prices of cars, computers and much else have fallen dramatically, universities, protected by public-sector funding and the premium employers place on...
from The Economist: Leaders http://ift.tt/TAMofi
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