Competition and Education

Matthew Yglesias:

After all, as Brad DeLong likes to point out the “get a bunch of people in a room to listen to some guy talk” model of education was an organizational response to the high price of books. In principle, it would seem to have been made obsolete by the printing press and the public library. Yet obviously that didn’t happen. Colleges and universities managed to make themselves indispensable sources of credentials and social prestige. And though they’ve of course incorporated information technology innovations into their work, they still engage in an incredible quantity of pre-Gutenberg educating.