GLENN REYNOLDS IS STILL WRONG: THERE IS NO HIGHER EDUCATION BUBBLE; JUST AWFUL HIGHER EDUCATION INFLATION

GLENN TODAY - FOR THE UNGTEENTH TIME:

July 25, 2011

CHART OF THE DAY: The Higher Education Bubble.

Posted by Glenn Reynolds at 6:40 pm

HERE'S THE CHART:

BUT THAT IS ONLY A CHART OF INFLATION, NOT A BUBBLE.

THERE WAS NOT A COMMENSURATE RADICAL INCREASE IN THE NUMBERS OF HIGHER EDUCATION GRADUATES - AS THIS CHARTS PROVES - (ONE I FIRST POSTED A FEW MONTHS AGO):


THE HOUSING BUBBLE WAS A TRUE BUBBLE: PRICES SOARED AND SO DID "OWNERSHIP".

THE TULIP BUBBLE WAS A TRUE BUBBLE FOR THE SAME REASONS: PROVES SOARED AS DID OWNERSHIP.

BUT IN HIGHER EDUCATION, WE HAVE ONLY SEEN INFLATION OF COST; WE HAVE NOT SINCE A COMMENSURATE EXPLOSION OF GRADUATES.

HENCE, IT IS NOT A TRUE BUBBLE.

THE REASON GRADUATES ARE HAVING A HARD TIME NOW HAS TO DO WITH THE CURRENT AND TEMPORARY SITUATION OF THE ECONOMY - (IT SUCKS!), AND NOT THAT THERE IS TRULY AN OVERSUPPLY OF GRADUATES.

YES: COLLEGE COSTS HAVE INFLATED OUTRAGEOUSLY, BUT THAT DOES NOT A BUBBLE MAKE.

I THINK GLENN IS TOO EGOCENTRIC TO ADMIT HE IS WRONG TO USE THE TERM BUBBLE.

I THINK HE LIKES THE TERM AND WILL KEEP USING IT EVEN THOUGH IT IS WRONG.

SIGH.

AND ANOTHER THING:

ONE OF THE REASONS THERE IS SUCH AWFUL INFLATION IN COLLEGE COSTS IS TENURE.

SOMETHING REYNOLDS NEVER MENTIONS.

COULD IT BE BECAUSE HE IS TENURED??

HMMMMM.....