Re: Market as Metric
coberst wrote:I was listening to the radio the other day and the speaker said something to the effect "let the market decide the value of our higher education system
and the market appears to think that our higher education system is doing a good job".
I think a good definition of the market might be ?'a place for buying and selling'.
Is it wise to allow the market to set the standard of value for our colleges and universities?
Yes it is another way of saying it is wise to let people make their own decisions. The relevant test of higher education is not whether it complies with your values, or the president's values, or your governor's. The test is whether professors want to teach it, students want to acquire it, and businesses want to hire the students once they graduate. The wisdom of using facile purchasing decisions to determine an education's worth is that everybody involved can act on their own values. You don't need to decide on one, deep, one-size-fits-all value system. I appreciate this.
cobers wrote:I claim that wisdom is good judgment based upon much knowledge and sound understanding.
If that is true, what's the problem with the market system? The market doesn't judge, people do -- and the students, professors, and business do make their decisions by knowledge and understanding.
cobers wrote:Does there exist in our society any other means for determining the value of anything? Is the market our ?'default' position for determining value for most everything?
The usual alternative is "the governor promised a tax cut, so he'll push through a cut in the university's endowment". Or, "the majority leader goes golfing with the university's president", so the university gets endowed generously." Or, "swing voters believe the government needs to invest more in science and technology, so both parties compete to raise the budget of the computer science faculty."
This alternative is called "the political process". I prefer the market.