The removal of normal economics is definitely part of it. The other part of it is general cultural assumption that if you don't have at least 4 more years after high school you will be destined for a 3rd world standard of living. Forget participating in the economy on your own and creating value - you have to work for someone else and to do that at a level everyone wants, you have to have to have a 4 year degree. I don't know who came up with that, but it's a brilliant benefit for colleges.