It seems that the golden age of human capital is losing its shine.
That shine came not just from a high rate of return (both individual and social) on a college degree, but also from a beautiful, if partial, alignment between ideals of human development and the needs of employers.
It was a happy alignment, not just for college professors and their students, but for the soul of capitalism itself. Academic striving would be rewarded. Merit would prevail. Students willing and able to invest in their own abilities had a good shot at permanent prosperity.
Not anymore. Problems are particularly conspicuous on the supply side: declining state support, higher tuition and fees, increased inequality of access and the growing burden of debt. The investment costs more than it once did and remains beyond the reach of those who need it most.
Problems are also increasingly apparent on the demand side: high unemployment and underemployment rates among college graduates.
Chosen excerpts by Job Market Monitor
via Nancy Folbre: The Once (but No Longer) Golden Age of Human Capital – NYTimes.com.
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