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University education a waste of time and money: economics prof
Though the government's university funding freeze attracted sector-wide scorn, at least it relieved universities from having to relentlessly justify graduating increasing numbers of students amidst a tepid job market.
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What Caplan seems to miss is the distinctions between different levels of academic thought/ability that should be managed through the tertiary education system. If Colleges in the US try to train practising nurses and accountants (i.e. vocationally educated professionals that are trained to work in existing jobs) in the same institution that trains theoretical mathematicians and particle physicians (i.e. people that are not trained to work in an existing job, but that are geared towards further academic research and/or a whole range of jobs in which their academic skills could be of use to them), then you will create an expectation of University degrees that is not in line with reality. That does not mean that educating people is a waste of money, it only means that the educational system has to manage expectations of what Universities teach.