One of the ways of trying to reduce the vast disparities in economic success, which are common in countries around the world, is by making higher education more widely available, even for people without the money to pay for it.
This can be both a generous investment and a wise investment for a society to make. But, depending on how it is done, it can also be a foolish and even dangerous investment, as many societies around the world have learned the hard way.
When institutions of higher learning turn out highly qualified doctors, scientists, engineers and others with skills that can raise the standard of living of a whole society and make possible a better and longer life, the benefits are obvious.
What is not so obvious, but is painfully true nonetheless, is that colleges and universities can also turn out vast numbers of people with credentials, but with no marketable skills with which to fulfill their expectations. There is nothing magic about simply being in ivy-covered buildings for four years.
Statistics are often thrown around in the media, showing that people with college degrees earn higher average salaries than people without them. But such statistics lump together apples and oranges — and lemons.
A decade after graduation, people whose degrees were in a hard field like engineering earned twice as much as people whose degrees were in the ultimate soft field, education. Nor is a degree from a prestigious institution a guarantee of a big payoff, especially not for those who failed to specialize in subjects that would give them skills valued in the real world.
But that is not even half the story. In countries around the world, people with credentials but no marketable skills have been a major source of political turmoil, social polarization and ideologically driven violence, sometimes escalating into civil war.
People with degrees in soft subjects, which impart neither skills nor a realistic understanding of the world, have been the driving forces behind many extremist movements with disastrous consequences. ...