Is a university degree still worth the time and money it takes?

The Economist:

“MORE will mean worse,” wrote an angry Kingsley Amis in 1961, contemplating plans to expand university education. His prediction has been tested past anything he could have imagined, as that era’s new universities were joined by the ex-polytechnics in the 1990s, and the proportion of youngsters who go on to university rose from less than 10% to almost 40% now. The 430,000 new undergraduates heading off to freshers’ weeks later this month will find themselves part of Britain’s largest university cohort ever.
Similar rumblings have continued since Amis’s jeremiad. With less government money (in real terms) per student than in his day, universities have to pack them in and keep them in to balance the books. Paul Buckland, an archaeology professor at Bournemouth University, resigned when administrators overruled his failing grades for ten students (last month he won a case for “constructive dismissal”). In June a barnstorming lecture by Geoffrey Alderman, of Buckingham University, gained wide attention with its claims of impotent external examiners, widespread unpunished plagiarism and a “grotesque bidding game” in which universities dished out good grades in order to claw their way up league tables.