I just listened to the episode on the UK economy with Paul Johnson. He said and I paraphrase,’The UK has been quite good at getting people to university but less good at technical/vocational training’. Whilst I agree with the latter surely he has the intellect to realise that part of the problem has been the former! Sending 50% of each cohort to university does not make sense in an economy where significantly less than 50% of jobs require a degree. If you had on the fact that many of these students have low IQs and are only getting into university because of rampant grade inflation/lower standards (if you don’t believe me look at the academics research on the subject plus international comparisons which show a worsening trend). Moreover many of these students are doing courses that have no application either specifically or in terms of general skills. We have too few students doing STEM subjects. Finally the proof is in the pudding- even the most conservative estimate is that 40% of student debt will be written off. This is striking since the threshold to pay it back is relatively modest - many many students do not go on to do “graduate” jobs leaving the taxpayer to pick up the bill. Of course, all of this misspending (something free at the point of use is always, as Johnson, should know, overconsumed) and misallocation of labour means fewer people are going into either trades or technical training. In other words Johnson is incapable of linking up two very basic concepts OR he does not want to because to point all of this out is seen by some as regressive (trust me it is not, it is basic economics) because you are labelled “anti-education “. I stress this is bogus but I al trying to identify why Johnson does not properly analyse the subject.
ydhcfogi13 via Apple Podcasts · Great Britain · 10/21/23
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