If there is one thing most Americans have been able to agree on over the years, it is that getting an education, particularly a college education, is a key to human betterment and prosperity. The consensus dates back at least to 1636, when the legislature of the Massachusetts Bay Colony established Harvard College as America’s first institution of higher learning. It extended through the establishment of “land-grant colleges” during and after the Civil War, the passage of the G.I. Bill during the Second World War, the expansion of federal funding for higher education during the Great Society era, and President Obama’s efforts to make college more affordable. Already, the cost of higher education has become a big issue in the 2016 Presidential campaign. Three Democratic candidates—Hillary Clinton, Martin O’Malley, and Bernie Sanders—have offered plans to reform the student-loan program and make college more accessible.
Promoters of higher education have long emphasized its role in meeting civic needs. The Puritans who established Harvard were concerned about a shortage of clergy; during the Progressive Era, John Dewey insisted that a proper education would make people better citizens, with enlarged moral imaginations. Recently, as wage stagnation and rising inequality have emerged as serious problems, the economic arguments for higher education have come to the fore. “Earning a post-secondary degree or credential is no longer just a pathway to opportunity for a talented few,” the White House Web site states. “Rather, it is a prerequisite for the growing jobs of the new economy.” Commentators and academic economists have claimed that college doesn’t merely help individuals get higher-paying jobs; it raises wages throughout the economy and helps ameliorate rising inequality. In an influential 2008 book, “The Race Between Education and Technology,” the Harvard economists Claudia Goldin and Lawrence F. Katz argued that technological progress has dramatically increased the demand for skilled workers, and that, in recent decades, the American educational system has failed to meet the challenge by supplying enough graduates who can carry out the tasks that a high-tech economy requires. “Not so long ago, the American economy grew rapidly and wages grew in tandem, with education playing a large, positive role in both,” they wrote in a subsequent paper. “The challenge now is to revitalize education-based mobility.”