The Transfer of Value in Higher Education
Making the best education available to all.
The better the higher education business is the more people will want it. Would you take a full ride to Harvard if offered? The answer is likely yes and I am positive most people would do the same.
This is due to the world-renowned education Harvard delivers along with the prestige that comes along with a Harvard degree amongst society and employers. If this education is deemed one of the best in the world then there must naturally be high demand.
In normal business terms more demand is met with increased supply until an equilibrium point is met.
In the business of higher education the increased demand is not met with increased supply in the form of acceptance letters. This is because the increased acceptance decreases the rarity of the degree and thus the value of the degree in the eyes of employers and society at large. Similar to the way that an abundant amount of inflation will decrease the value of a dollar. Therefore it appears that access to the best education is restricted to a lucky few.
How do we change higher education so the best education demanded is met with the corresponding supply?
I think ultimately the mindset of employers need to change where the value of a degree is not based on the rarity of it and prestige but rather on the competence of the student. The higher education company or university that is able to deliver the competencies desired by employers the best should meet the increased demand with increased supply. The value of a degree must transfer from the rarity of the degree to the actual intellectual value.
Making this transfer of value will lead to an increase in online learning, as the learning will no longer need to be restricted. I think making the best education widely accessible is ultimate education equality. This education equality while may devalue the degree in the sense of rarity should increase value in a more important area of intellectual competency. If employers and society can restructure the value of a degree to accommodate with these competencies both the employers and society at large would benefit.