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Pick up any business magazine or how-to management book, and you’ll run into words like “nimble†and “move fast†on virtually every page. The ability to change direction and shift priorities in reaction to consumer preferences or competitor actions often makes a decisive difference in marketplace success…
A final point, something I've written about elsewhere (e.g., in a discussion in Z papers, and the last chapter of "Year 501"). There has been a striking change in the behavior of the intellectual class in recent years. The left intellectuals who 60 years ago would have been teaching in working class schools, writing…
But what if higher education is really just the final stage of a competitive tournament? From grades and test results through the U.S. News & World Report rankings of the colleges themselves, higher education sorts us all into a hierarchy. Kids at the top enjoy prestige because they’ve defeated everybody else in a…
Two things, however, are clear. The size of student debt is vast (see chart), and lots of borrowers are struggling. More than 10m students took out loans for the latest academic year, according to a report issued on October 26th by the College Board, a consortium of academic institutions. Almost a third of students…
Colorado Mesa University was typical of most public institutions in the fall of 2007, with out-of-state students making up a small number, about 5 percent, of the overall student body. But when the economic downturn hit in the fall of 2008, and state support for higher education began dwindling, Colorado Mesa…
[Report from the National Center for Public Policy and Higher Education] found, published college tuition and fees increased 439 percent from 1982 to 2007 while median family income rose 147 percent. Student borrowing has more than doubled in the last decade, and students from lower-income families, on average, get…
Inefficiency arises from the fact that substantial resources have been invested in training these scientists and engineers. The trained have foregone other careers – and the salary that they would have earned – along the way. The public has invested resources in tuition and stipends. If these ‘investments’ are then…
The truth is that a life science PhD leaves you poorly prepared to get a job doing anything else: 1) Grad programs put very little emphasis on developing writing skills – you maybe write 4-5 documents (proposal, 2-3 papers, plus thesis) over seven years of grad school, with very little feedback on quality of the…
In the Wonderland of these statistics, a remarkable number of law school grads are not just busy — they are raking it in. Many schools, even those that have failed to break into the U.S. News top 40, state that the median starting salary of graduates in the private sector is $160,000. That seems highly unlikely, given…
Like any good bubble, this belief– while rooted in truth– gets pushed to unhealthy levels. Thiel talks about consumption masquerading as investment during the housing bubble, as people would take out speculative interest-only loans to get a bigger house with a pool and tell themselves they were being frugal and saving…
Forty-five percent of people who go to college, four year colleges, don't get a bachelors degree within six years. Those people often have met with disappointment and their investment isn't particularly good, necessarily. Another group of people graduate from college and then have trouble getting jobs and end up…
Well, the value of graduate school really depends on what you are studying and what you expect to get out of graduate school. I encourage young people to engage in the act of dynamic thinking. That means don't just apply the rules that worked in your field 20 years ago. Journalism is a great example. The media has…
We looked at the website of the Bureau of Labor Statistics, which calculates the national unemployment rate as well as unemployment rates for various subgroups. Those subgroups include Americans of four specific educational attainment levels. They are: less than a high school diploma; a high school diploma but no…
Attending college has been considered one of the most protable investments, annualized returns ranging from 8% to 13% (Card 1999). I utilize a simple approach, as in Mehra and Prescott (1985), to quantify how much of the excess return to college is explained by its risk. I also explore the role played by heterogeneous…
The evidence is not only anecdotal. A recent study by Aaron Clauset, Samuel Arbesman, and Daniel B. Larremore shows that “a quarter of all universities account for 71 to 86 percent of all tenure-track faculty in the U.S. and Canada in these three fields. Just 18 elite universities produce half of all computer science…
What was so exciting about Manchester? Disraeli with his acute political and historical instinct understood that Manchester had done something unique and revolutionary. Only he was wrong to call it science. What Manchester had done was to invent the Industrial Revolution, a new style of life and work which began in…
"Excuse me," she said hesitantly, "but what effect do these minor planets have on our behavior and fortunes? I mean, you know, astrological influence?" He looked at her. "None." "None at all?" "No." "But if the planets affect our fortunes—" She stumbled to a stop at the dispassionately scornful look on the pale man's…
So long as scientists and philosophers remain a caste, even the problem of morality, that is, of behaviour, will remain for them one of cognition and not of activity, a subject for study and not for practical application, something that just happens rather than something that must be done and, furthermore, done not by…
The proliferation of subcults is most evident in the world of work. Many subcults spring up around occupational specialties. Thus, as the society moves toward greater specialization, it generates more and more subcultural variety. The scientific community, for example, is splitting into finer and finer fragments. It…
There is a story that once, not long after he came to Berlin, Planck forgot which room had been assigned to him for a lecture and stopped at the entrance office of the university to find out. Please tell me, he asked the elderly man in charge, 'In which room does Professor Planck lecture today?' The old man patted him…