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fascinating article on economics of college degree with profound implications for student debt epsilontheory.com/starry-eyes-an…
@willchamberlain .
@willchamberlain .
2/ author argues that economic power of universities for most occupations arises not from what students learn, but their guild-like control of credentials "which allowed those trades to be practiced" 
3/ here's a brilliant phrase. Author Guinn says that universities then "extracted every ounce of the credential premium for themselves as a license fee". It is this appropriation of the credential premium which has inflated university salaries, student costs and increased debt.
4/ Some fascinating statistics: chart below shows premiums (%) for income (left) and wealth (right) for non-Hispanic whites stratified by graduating decade. Income and especially wealth premiums decline. For 1980s cohort, wealth premium gone (tho income premium remains)
5/ this is what Guinn meant by "licensing fee". Universities and their employees have, in effect, appropriated the income premium for university graduates by increasing their fees so enormously that it impacts wealth 30 years later.
6/ effect is even more severe for blacks.
7/ link to article once again epsilontheory.com/starry-eyes-an…
