Some countries provide free university education. Is this a good idea? My view is NO. University education is expensive. If it is provided free, the cost to the tax payers will be too high. Furthermore, for most people, a university education is NOT a good investment of their time and money. There are better ways to prepare young people for the workplace of the future. We need people with various kinds of skills for the economy. If too many people go to university, there will be insufficient people with the right skills needed for other occupation. I estimate that more than 70% of the occupations do not require a university education. But they required skilled people. To ensure that there is a proper balance between academic and technical skills, we have to narrow the wage differential between these two groups. If we over-pay people with university education, our resources will be allocated wrongly. This has already happened in many countries. It is urgent to recognize the importance of work skills and to pay people adequately so that they can be attracted into the occupations that are needed for the economy.
Posted on: Sun, 05 Oct 2014 02:23:32 +0000
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