Our world has become tragically inauthentic. Maybe even more tragic is education at all levels in the United States has failed to meaningfully evolve — college is about the “social media driven experience,” not the education or opportunity to make a meaningful, positive impact on society.
Colleges are a business like any other big business. And just like big business, the customer isn’t who you would think it is.
All businesses rely on the perception of value. Wall Street measures big business much like college rankings measure colleges. Those are the real customers summed up by the perception of value, which ultimately comes down to supply and demand. That is why businesses buy back their own stock….to create the illusion of demand. Having what most of us consider a customer is simply a means to an end.
Someone told me about this when I mentioned I was doing this newsletter, and to be honest I completely forgot to follow up on it. I will check this out, thank you.
But if everyone was able to go to Harvard, where is the value of saying you have a Harvard education? And if everyone had a Harvard education, what is the reason for giving an endowment? Don't think of Harvard as a university, think of it as a endowment machine. Then it makes sense.
I don't think everyone should be able to go to Harvard. But using them as the example, Harvard's admit rate is now under 4%. It was 15% to 16% during my college experience in the early 1990s.
By the way I get that it benefits Harvard. I don't get why the rest of America should reward it—not just by applying but by not leveraging tax-free status, university grants, student aid, etc.
Wow! No shame. “Your the product”. I thought all these schools/institutions were Not-for-Profit institutions. If they are producing “product” shouldn’t they then be paying taxes? Just a thought…..
College is overrated. There are many, many career options that don’t require you to lose 4 years and 10’s of thousands of dollars and still land a person a good career. I don’t think having a college degree has the same cachet as it did 20 or 30 years ago, not do I think you get the same education that you did 20 or 30 years ago.
People should follow their aptitudes not societal pressure. Colleges are in the business to make money, not to educate as they used to be.
Looking backward, which is always a 20/20 experience, I would not go to college right out of high school but when I graduated back in the very dark ages, the last thing I wanted to do was go to work. I always felt pressured to go to college. My dad had graduated from Annapolis as had my half brother so I was expected to pursue a college degree as well. I had two other things on my mind then; guys and getting away from home. How best to accomplish this? Go away to school, that’s how.
I dare say that’s probably on a lot of incoming freshman minds. Kids don’t change all that much really. Today though it’s a very expensive proposition however there are fields open today that weren’t when I was a freshman. Moreover there are tech schools now that offer associate degrees that can lead to more advanced degrees later if wanted. After two children, a failed marriage, working three entirely different jobs, a new marriage and 26 years behind me I, with a little help, finally went back to school to earn an associates degree in radiographic technology. Got a great job in a field I really enjoyed, working with our veterans and hopefully making a difference in someone’s life.
Both of my boys did the same thing only earlier. They tried college, didn’t much like it, went to work and finally found out where they fit in then went about doing what they had to do to succeed. College, anymore has almost gotten overrated. There are so many other fields that one can go into and avenues to get there without racking up giant debt. One day, the “product” might figure that out.
I would like to think I’m surprised, but instead I’m just sad at the lengths institutions will go to for money. And why?? My daughter went to Vanderbilt and it’s well known they and other “prestigious” schools have millions of dollars in endowments to allegedly help kids get an education. Instead they “game” the rankings and make money doing so. Uugghh, I’m so mad I ever donated money while she was there.
Premier universities can't scale for the same reason Michelin starred restaurants can't scale. First, there is a limited number of world class professors in any given area just as there is a limited number of world class chefs. Second, there is a limited number of talented students just as there is a limited amount of world class raw food. Third, quality costs a lot of money. The much criticized endowment of Harvard supplies roughly the same fraction of its annual budget as state funding supplies to the annual budgets of the best state university systems (e.g., California, Michigan). Wolfgang Puck has tried to scale, but I doubt that anyone would claim that his current restaurants are as exceptional as the earlier ones that made his reputation.
I graduated high school in 1963...I didn't go to college because of math...yep math. I hated it and barely passed algebra, did a bit better with geometry but only by a hair. I knew college would expect better grades in my weakest subject, so I took a pass and didn't even try. But I do regret that I was unable to go. I could have done so much better in my life had I gone to college. Back then college was a good choice for a happy and productive future. I did the stupidest thing I could by getting married one month after I turned 19. Now, at 79yo I'm housed but homeless with only a hope and a prayer that I survived liver cancer for some kind of reason, but I'll be damned if I can figure out why. What college is and means now is not what it was in the 1960's and I missed out.
The size of an institution is part of the environment that effects (directly and indirectly) the experience, the formation and connections that occur in the "product," the students. If Harvard were to suddenly get, say, five times larger, it would be more difficult to discern who the faculty might be, how to oversee the process that students go through. Part of the experience, for some, is to attend a small school (though I very much preferred being in a large school for college).
Our world has become tragically inauthentic. Maybe even more tragic is education at all levels in the United States has failed to meaningfully evolve — college is about the “social media driven experience,” not the education or opportunity to make a meaningful, positive impact on society.
🥲
Colleges are a business like any other big business. And just like big business, the customer isn’t who you would think it is.
All businesses rely on the perception of value. Wall Street measures big business much like college rankings measure colleges. Those are the real customers summed up by the perception of value, which ultimately comes down to supply and demand. That is why businesses buy back their own stock….to create the illusion of demand. Having what most of us consider a customer is simply a means to an end.
Northeastern has a mergers and acquisitions department to do exactly what you suggest.
Someone told me about this when I mentioned I was doing this newsletter, and to be honest I completely forgot to follow up on it. I will check this out, thank you.
But if everyone was able to go to Harvard, where is the value of saying you have a Harvard education? And if everyone had a Harvard education, what is the reason for giving an endowment? Don't think of Harvard as a university, think of it as a endowment machine. Then it makes sense.
I don't think everyone should be able to go to Harvard. But using them as the example, Harvard's admit rate is now under 4%. It was 15% to 16% during my college experience in the early 1990s.
By the way I get that it benefits Harvard. I don't get why the rest of America should reward it—not just by applying but by not leveraging tax-free status, university grants, student aid, etc.
Maybe the train went they're rewarded is that those who do go have influence in the corridors of power? BTW, it's the same in England.
Wow! No shame. “Your the product”. I thought all these schools/institutions were Not-for-Profit institutions. If they are producing “product” shouldn’t they then be paying taxes? Just a thought…..
College is overrated. There are many, many career options that don’t require you to lose 4 years and 10’s of thousands of dollars and still land a person a good career. I don’t think having a college degree has the same cachet as it did 20 or 30 years ago, not do I think you get the same education that you did 20 or 30 years ago.
People should follow their aptitudes not societal pressure. Colleges are in the business to make money, not to educate as they used to be.
Looking backward, which is always a 20/20 experience, I would not go to college right out of high school but when I graduated back in the very dark ages, the last thing I wanted to do was go to work. I always felt pressured to go to college. My dad had graduated from Annapolis as had my half brother so I was expected to pursue a college degree as well. I had two other things on my mind then; guys and getting away from home. How best to accomplish this? Go away to school, that’s how.
I dare say that’s probably on a lot of incoming freshman minds. Kids don’t change all that much really. Today though it’s a very expensive proposition however there are fields open today that weren’t when I was a freshman. Moreover there are tech schools now that offer associate degrees that can lead to more advanced degrees later if wanted. After two children, a failed marriage, working three entirely different jobs, a new marriage and 26 years behind me I, with a little help, finally went back to school to earn an associates degree in radiographic technology. Got a great job in a field I really enjoyed, working with our veterans and hopefully making a difference in someone’s life.
Both of my boys did the same thing only earlier. They tried college, didn’t much like it, went to work and finally found out where they fit in then went about doing what they had to do to succeed. College, anymore has almost gotten overrated. There are so many other fields that one can go into and avenues to get there without racking up giant debt. One day, the “product” might figure that out.
I would like to think I’m surprised, but instead I’m just sad at the lengths institutions will go to for money. And why?? My daughter went to Vanderbilt and it’s well known they and other “prestigious” schools have millions of dollars in endowments to allegedly help kids get an education. Instead they “game” the rankings and make money doing so. Uugghh, I’m so mad I ever donated money while she was there.
Premier universities can't scale for the same reason Michelin starred restaurants can't scale. First, there is a limited number of world class professors in any given area just as there is a limited number of world class chefs. Second, there is a limited number of talented students just as there is a limited amount of world class raw food. Third, quality costs a lot of money. The much criticized endowment of Harvard supplies roughly the same fraction of its annual budget as state funding supplies to the annual budgets of the best state university systems (e.g., California, Michigan). Wolfgang Puck has tried to scale, but I doubt that anyone would claim that his current restaurants are as exceptional as the earlier ones that made his reputation.
So many great colleges all across the country that prepare students well for life beyond college. Here's a story about one.
https://www.msn.com/en-us/news/us/tv-journalist-former-cbs-news-anchor-harry-smith-fosters-curiosity-in-students-at-central-college/ar-AA1tUqka?apiversion=v2&noservercache=1&domshim=1&renderwebcomponents=1&wcseo=1&batchservertelemetry=1&noservertelemetry=1
It looks like someone is generating revenue from all those applications.
I graduated high school in 1963...I didn't go to college because of math...yep math. I hated it and barely passed algebra, did a bit better with geometry but only by a hair. I knew college would expect better grades in my weakest subject, so I took a pass and didn't even try. But I do regret that I was unable to go. I could have done so much better in my life had I gone to college. Back then college was a good choice for a happy and productive future. I did the stupidest thing I could by getting married one month after I turned 19. Now, at 79yo I'm housed but homeless with only a hope and a prayer that I survived liver cancer for some kind of reason, but I'll be damned if I can figure out why. What college is and means now is not what it was in the 1960's and I missed out.
The size of an institution is part of the environment that effects (directly and indirectly) the experience, the formation and connections that occur in the "product," the students. If Harvard were to suddenly get, say, five times larger, it would be more difficult to discern who the faculty might be, how to oversee the process that students go through. Part of the experience, for some, is to attend a small school (though I very much preferred being in a large school for college).