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April 29, 2011


Innocent Abroad

This suggests to me that far more radical than any organised political practice would be a decision not to take people at their own estimation.

Perhaps someone could organise a pledge to this effect on a website and we could all wear a lapel badge. Not sure what the design of it should be, though: any suggestions?

Nick Rowe

"Instead, it is the most overconfident - those who overestimate their chances of becoming a top earner."

More precisely, it is those who are most overconfident in their ability to *improve* their chances of becoming a top earner by going to university.

Someone who was irrationally pessimistic of their chances of getting a good job without going to university would also pay a lot to go.


Your subjective confidence or lack thereof is probably unconnected to moral goodness or the opposite or to narrow intelligence. So it is unfair to damn the people involved. And as earnings post graduation involve luck and other choices not solely about money valuation it is the system of demanding fees that is stupid. Any one potential undergraduate and their parents are being invited to enter a lottery. Will the prise be worth the ticket? They will just have to throw the dice.

gastro george

Are the education-bubblers serious? I was under the impression that bubbles were bid up by the buyers in a more-or-less open market. I don't know if that's the case with fees in the US but, in the UK, prices are being set by universities under cost pressure from the government. Prices are being forced up by the government in a vain attempt to make a market - that's not a bubble to me.


(At least some) MBAs already have the Porsche effect.

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