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Government policy always has economic impacts. Over time, these impacts accumulate and multiply upon one another. This leads prices of goods and services away from what they would be under a “freer market”. Distorted prices create distorted allocations, which may be good or bad, depending on how one feels about government manipulating markets in the first place.
At some point, though, the relative prices of things get so far away from “natural” prices that the system of valuation breaks down. This breakdown is what I call “The Great Repricing”.
Captain Capitalism runs a thought experiment which illustrates how relative prices have lost touch with relative values:
The current President has claimed a college education should be available to every American kid. And he says he has signed into law changes that help college become more affordable.
But really, he’s just bought support from Big Ed by making sure tuition stays high while making student debt nearly permanent.
Embracing MLK’s dream would require putting character and achievement above subculture and skin color. But those most opposed to adjusting their value hierarchy tend to look a lot like the folks Dr. King was dreaming for. Freed from legal segregation, they cling to voluntary segregation. We’re a half-century from Little Rock, but Historically Black Colleges and Universities are given protected and revered status. It doesn’t make sense:
The harsh reality is that a few years on the pole with a coke habit would still leave the average woman with a better long term prospect of happiness than the popular combination of student loans and a soft liberal arts degree from a reputable private university.
At a campus coffee shop, sitting near a PoliSci major and a Planning major. There is so much nonsense, I wish I could just record the whole dialog. It has been a perfect stereotype of what Big Ed does to mushy young minds.
Individualism creates an environment where, if everyone can succeed and you don't, it is your fault. People need to recognize the system is at fault.
Yup, Jenny, in a Utopia without personal responsbility, nothing bad would ever happen.
If you’re reading this, you have access to the intertubes. Which also means you have access to this:
The web has made it easier than ever before to get a free education, and you'd join the ranks of great thinkers in history who were also self-taught, like Joseph Conrad, Albert Einstein, Alexander Graham Bell, Paul Allen, Agatha Christie and Ernest Hemingway. You, too, can be an autodidact; the breadth of free educational materials available online is absolutely astonishing.
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Reducing price is the most direct path to making anything more affordable. Some colleges are remembering their mission is education, not young-adult daycare and sports entertainment:
Education is like torture. Or, the opposite of torture, in the way popular culture regards it.
We are all proud to hear that the United States does not torture, but we do not have a sound, common definition of what constitutes torture. Torture is vague, something that evil people do. Take waterboarding. Some say it is obviously cruel, while others point out that we do it to our own as a routine part of training. We go on to ignore the lack of definition and argue about whether this vague idea is effective, and under which hypotheticals it might be exceptionally permissible.
