The great university con

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The NewStatesman has published a terrific article on how Britain has been flooded with worthless university degrees:

Over the past 30 years, successive governments, from Thatcher to Blair, to Cameron and May, have imposed a set of perverse incentives on universities. Their effect has been to degrade and devalue the quality of British degrees. Academic standards have collapsed…

At a glance, British universities are a national success story. They have increased the number of undergraduate degrees they award fivefold since 1990, while the proportion of Firsts they hand out has quadrupled – from 7 per cent in 1994 to 29 per cent in 2019. For every student who got a First in the early 1990s, nearly 20 do now. Masters’ degrees, meanwhile, are nearly ten times as common as they were. Universities have, it seems, managed to surge in both size and quality. And they have done it all while spending comparatively little on teaching, and despite a wave of sudden changes to how they operate. In no other publicly funded sector has so dramatic an expansion seemingly cost so little and achieved so much. Our universities, we are regularly assured, are “world class”. They are a prime British export; international students flock to study in the UK…

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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.