That makes sense. For example, same info taught in basic #biochemistry/#chemistry classes as in 1980, yet tuition increased 1,000+% since then. More $$$ for same garbage taught in 1980 = dead value.
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Basic chemistry is garbage?
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No, the argument is you could do the same or better for much cheaper
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Can you get 17% teaching basic chemistry -- or, can you crank out some sort of highly employable chemical engineer in 30 weeks?
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Doesn't need to be 17% of 30 weeks. Flexible
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The next recession is gonna wipe the slate clean here
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that's what I've been saying...
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“Wipe slate clean” in what sense? Recessions have traditionally been great for schools
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Universities offer a number of things: information, knowledge, validation, community, social signalling. Last recession, there was open coursework, which did #1, but that was it. Since, #2 and #3 have come online. #3 key as it’s now possible to get a certificate of validation.
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Therefore, what’s left is community and social signalling. Both important, however not as important as knowledge and validation — which compose most of what we say is valuable about education.
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Hence what will be different in next recession are new career tracks — startups, new work — gig economy, and now new education. Which is a platform which provides validation of knowledge/skill. Decoupling education from school.
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Old model slow and heavy. Admissions. Fees. Set timings. All-or-nothing degrees. Four year commitment. New model is open to all, lower cost, flexible timings, and modular degrees. Shorter commitments. Doubt uni will die, but online ed does decouple education from schools.
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How long until the first fund that invests solely in converting and reselling distressed university properties? College dorms could make great affordable housing
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I think the higher education market resembles a religion more than a bubble. Religions don't suddenly disappear, they are replaced with an alternative :)
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And remember, religions manage the stay relevant loooong after they've been replaced by something better. Traditional higher education likely won't be a bubble pops suddenly, but rather a long, slow bleed that will eventually morph or split into dozens of better options.
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I went for one semester and realized ‘oh my god this is trading my parents home equity for a 4 year party in the woods’. Having said that, the party was pretty fun
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Wait you mean to tell me that not everyone should go to college and that by force feeding the lie that you are only successful if you graduate from college we've given the youth a major mental and financial burden that they will have to overcome?
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@naval Once the Oculus Quest comes out and someone makes a VR MOOC with accreditation it's "GAME OVER"! -
I am a huge champion for VR and this is just hilariously unrealistic.
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Not as fast as when the Oculus Quest comes out lol but "distance education" rates are going up and should definitely increase with VR tech.
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