> In 1960, 7% of adults 25+ had a college degree. Now that’s 37%. .. despite the growth in total number of universities and students, spots at elite institutions are limited and thus scarce and highly valued.
Good example for discussion because I think that it's well known that many people who have attained higher education at great expense nevertheless struggle with unemployment and underemployment, and groan about how competitive things are in academia with thousands of applications for every placement. If we're oversupplied with qualified yet underemployed academics who could be teachers, and yet teachers are unavailable to meet the demand of students who want education.. how is that not a disconnect between supply and demand?
Whenever a huge disconnect like this between supply/demand is pointed out, economists will retreat to discussion of regulation and policies, inflation, macroeconomics conditions. Sure, fine, great.. but that's just another way of saying supply/demand/cost are not closely related.
Good example for discussion because I think that it's well known that many people who have attained higher education at great expense nevertheless struggle with unemployment and underemployment, and groan about how competitive things are in academia with thousands of applications for every placement. If we're oversupplied with qualified yet underemployed academics who could be teachers, and yet teachers are unavailable to meet the demand of students who want education.. how is that not a disconnect between supply and demand?
Whenever a huge disconnect like this between supply/demand is pointed out, economists will retreat to discussion of regulation and policies, inflation, macroeconomics conditions. Sure, fine, great.. but that's just another way of saying supply/demand/cost are not closely related.