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Re:Incentives in economics are wrong, but how? by greenail on Friday June 11, 2021 @11:41AM (#27474809)
Maybe the incentives for universities are all wrong. In the early 1900's only 4% of the US went to university. There ended up being a big push to get more people into college with the assumption that it would benefit society. Eventually we ended up with a notion that everyone should go to college and this has been buttressed with government support but what if this idea is wrong? What if the incentives created lots of university departments that were superfluous, producing nothing that was actually benefitting society. This may show up as lots of superfluous/unreproducible papers and journals many not even based on the scientific method. Maybe the incentives focused universities on creating more "education" so they could rake in the cash made readily available through government subsidies targeting those who could not complete STEM degrees. Have we reached a state of elite-overproduction?
Re:Incentives in economics are wrong, but how? by grahamburger on Friday June 11, 2021 @11:45AM (#27474850)
This is basically my feeling as well. I would prefer that we (at least in the U.S.) focus on making high school much much better, to the point that fewer people have any need to go to college/university. And then, if we still need to, figure out what to do about University.

(Saying this as someone who never finished college/university, largely because I was trying to pay for it myself and couldn't make it work.)

Re:Incentives in economics are wrong, but how? by Tarsul on Friday June 11, 2021 @11:57AM (#27474983)
I read an interview[1] with the general secretary of German trade and he lamented that in Germany for many, many years the consensus was that more and more people had to study. Thias was also because the OECD said so, not just German politicans. He says we don't need so many people who go to university, and I wholeheartedly agree. And this is coming from Germany where the education system is a lot more forgiving than in the US/UK etc. (in that you don't need to study STEM to earn good money, and studies are cheap) But I think in the coming years there will be a lot of rethinking about these things.

[1]https://www.spiegel.de/start/ausbildung-im-handwerk-in-den-k...

Re:Incentives in economics are wrong, but how? by billytetrud on Friday June 11, 2021 @11:56AM (#27474973)
Elementary and middle school is far more important than high school. The earlier you go, the more important it is.
Re:Incentives in economics are wrong, but how? by whimsicalism on Friday June 11, 2021 @12:57PM (#27475740)
If we actually wanted to improve education in our schools, we would just finish desegregating them.
Re:Incentives in economics are wrong, but how? by billytetrud on Friday June 11, 2021 @02:08PM (#27476640)
There's a difference between outlawing enforcement of segregation by law and enforcing laws requiring people to go to schools they may not want their kids to go to. I think calling the second "finishing" the first is misleading.

However, there is a huge problem in school funding. The fact that school funding is primarily local means that poor neighborhoods get bad schools. That is a huge problem. We definitely should make funding of schools more egalitarian. Eliminating local funding in favor of state funding would do a lot for the public school system I think. But I also think giving parents more choice in schooling would also be a big win.

Re:Incentives in economics are wrong, but how? by whimsicalism on Friday June 11, 2021 @02:19PM (#27476764)
> However, there is a huge problem in school funding.

School funding is actually not as inegalitarian as you might have been led to believe - federal & state funding usually makes up for the differences in property tax funding, we're often spending more $/kid at these bad schools.

> There's a difference between outlawing enforcement of segregation by law and enforcing laws requiring people to go to schools they may not want their kids to go to. I think calling the second "finishing" the first is misleading.

The distinction you're making is between de jure segregation and de facto segregation, both of which are constitutional violations.

Re:Incentives in economics are wrong, but how? by billytetrud on Friday June 11, 2021 @03:48PM (#27477639)
> we're often spending more $/kid at these bad schools.

Source? I'm surprised to hear that.

> The distinction you're making is between de jure segregation and de facto segregation, both of which are constitutional violations.

I disagree. It is not a consitutional violation for black people to live near each other and go to schools with each other. People segregate themselves socially all the time, for better or worse, and it has nothing to do with the constitution. It would be incredibly dubious to suggest that forcing people to integrate socially would be an appropriate government action - especially if done over a long period of time.

Re:Incentives in economics are wrong, but how? by dnautics on Friday June 11, 2021 @05:06PM (#27478497)
https://www.asumag.com/research/top-10s/article/21126924/amo...

In the top spending districts there are two extremely good districts and the rest (esp. Baltimore and hawaii) are generally well known as terrible.

LAUSD spent 18k/pupil, and Chicago spent 16k, both terrible districtd... Don't know what they are not on there

Perhaps it shouldn't be surprising that they cost so much. The common factor between these districts is rampant political corruption (Baltimore spent millions on a plasma-tv-for-hq scandal, la and NYC burn millions on lawsuits for not firing child rapists, etc)...

Eliminating rubber rooms is finally coming to NYC:

Re:Incentives in economics are wrong, but how? by NotSammyHagar on Friday June 11, 2021 @09:47PM (#27480637)
I think the solution to this is full federal funding of us public schools. Some people won't like that because they will argue we'd be pushing some federal vision of education. As a graduate of southern education, I argue we should talk about the widespread support for racist laws like Jim Crow instead of just saying slavery was bad and the civil war ended those problems.
Re:Incentives in economics are wrong, but how? by billytetrud on Saturday June 12, 2021 @03:56AM (#27482553)
> full federal funding of us public schools

Why isn't state funding wide enough?

The politics around education funding are mudled because governments love to put stipulations around receiving funding, so they can control the recipients. I would agree with those who don't want the federal government to take more control over how education happens. But I could be convinced of federal funding of schools. Of course, both of these things already happen to a (large) degree.

Re:Incentives in economics are wrong, but how? by NotSammyHagar on Friday June 11, 2021 @09:43PM (#27480618)
I am very skeptical of that view. Nicer public schools get money in the form of parental fundraising. At my kid's elementary school in a big town on the west coast - not even in California, we raised > 500k every 2 years; poor schools probably didn't have an event where the members of the programmer class dropped a few $k each. This is just the latest way to help your kids.
Re:Incentives in economics are wrong, but how? by rootusrootus on Friday June 11, 2021 @01:20PM (#27476045)
How do we accomplish that, short of randomizing which school students are assigned to and then dealing with the transportation headache to make it happen? Schools continue to be segregated because of underlying socioeconomic realities; changing that is how we desegregate the schools, I don't know how we could feasibly reverse that causality.
Re:Incentives in economics are wrong, but how? by whimsicalism on Friday June 11, 2021 @01:28PM (#27476135)
I think randomization plus weighting for geographic distance could work. The issue with busing was never the actual busing, and there are plenty of places (like my hometown) where parents send their kids further out to ensure that they attend a school that is majority their race rather than the local neighborhood school.

I lived in Cambridge, MA, and they have successfully desegregated their schools with a similar approach that kept transportation very low and remained a popular plan with most parents (75% approval income over $100k, ~95% approval income under $75k).

In another place I lived, the top public magnet school was ~95% black. White parents pretty much universally refused to send their kids there, but would send their kids to a different magnet that was further away.

The "underlying socioeconomic realities" are often overstated compared to the unfortunate, but big reason that we don't like to talk about, which is lots of parents (to some extent, understandably) are afraid to send their kids to a school where they would be in the racial minority.

Schools are now as segregated as they were in 1976, which represents a backtracking from the peak in 1988. That represents an erosion of will more than a vastly changed socioeconomic reality.

Re:Incentives in economics are wrong, but how? by rootusrootus on Friday June 11, 2021 @01:48PM (#27476395)
> there are plenty of places (like my hometown) where parents send their kids further out to ensure that they attend a school that is majority their race rather than the local neighborhood school.

Ah, that is interesting. In my district (and state, AFAIK), school assignment is completely out of the hands of the parents, with some narrow exceptions.

I fully admit to having a narrow view on this, my state is not especially diverse, with more than 75% white and 2% black. So most of our school segregation, if it's fair to call it that, is completely socioeconomic even if the students are largely the same race.

Re:Incentives in economics are wrong, but how? by billytetrud on Friday June 11, 2021 @02:02PM (#27476572)
We definitely need more choice in schools. Parents should be able to decide where there children go to school independently of where they live.
Re:Incentives in economics are wrong, but how? by whimsicalism on Friday June 11, 2021 @02:06PM (#27476625)
What do we do when choice conflicts? Say, if a black family wants to send their kid to local school in a predominately white neighborhood, and there is a limited capacity?
Re:Incentives in economics are wrong, but how? by grahamburger on Friday June 11, 2021 @02:58PM (#27477195)
It seems like the solution most institutions land on for this kind of thing is just a first come first serve sign up list. Kids who attended the school the previous year, and kids who have siblings currently attending the school, get first priority for open slots. The rest of the slots are first come first serve. This is how my kid's school, a charter school, works.
Re:Incentives in economics are wrong, but how? by JMTQp8lwXL on Friday June 11, 2021 @04:21PM (#27477973)
Sign-up lists self select for parents who are most motivated to get the best school, which has the risk of maintaining roughly positive correlation with the parent's socioeconomic status.
Re:Incentives in economics are wrong, but how? by billytetrud on Friday June 11, 2021 @02:45PM (#27477046)
Lottery
Re:Incentives in economics are wrong, but how? by whimsicalism on Friday June 11, 2021 @03:06PM (#27477262)
My guess is this approach would also be desegregating.
Re:Incentives in economics are wrong, but how? by billytetrud on Friday June 11, 2021 @04:04PM (#27477794)
Glad we agree : )
Re:Incentives in economics are wrong, but how? by bluedino on Friday June 11, 2021 @01:26PM (#27476115)
>> focus on making high school much much better

Meanwhile we're lowering standards and just passing every kid we can, for 'fairness'

Re:Incentives in economics are wrong, but how? by TheTrotters on Friday June 11, 2021 @05:09PM (#27478533)
I wouldn't pooh pooh that. It's a tough problem for politicians, teachers, education activists and researchers.

If you set high standards and allowed only those who pass them to advance to the next grade, graduate HS etc. then you'd end up with clear racial disparities.

I don't want to get into a discussion about what's the cause of these disparities and who's fault they are. But, based on available data on e.g. SAT scores, we'd have Asian Americans doing the best, followed by whites, and with blacks at the bottom.

It'd provoke a flurry of media debate and negative attention on everyone involved. These people cannot fix the problem itself, at least not fully and certainly not quickly. But they can change standards to make it look like everyone is doing well. After all if you lower standards enough everyone will meet them.

It's a real problem and these incentives aren't going to change. Any solution will have to acknowledge and address them, not pretend that they don't exist and that incompetent or weak-minded politicians are to blame.

Re:Incentives in economics are wrong, but how? by baq on Friday June 11, 2021 @05:58PM (#27479003)
Not passing a kid sets them back 10 years of life (yeah I made up that number but it’s what I’d expect to happen when you end up in a negative feedback loop like this). Education doesn’t have a binary outcome.
Re:Incentives in economics are wrong, but how? by thebean11 on Friday June 11, 2021 @11:50AM (#27474902)
Agree with your larger point but:

> This may show up as lots of superfluous/unreproducible papers and journals many not even based on the scientific method.

seems very STEM-centric. It sounds like you're saying academia outside of the realm of science is useless which I completely disagree with.

Re:Incentives in economics are wrong, but how? by deertick1 on Friday June 11, 2021 @12:07PM (#27475104)
Not OP, but would like to say : I don't think science outside of stem is useless, but it is fundamentally different and fundentally less reliable/reproducible. In terms of reliability and rigor, it seems to go about like : Math -> computer science -> physics/chemistry -> biology -> everything else.

As you continue, you must ignore more independent variables to conduct an experiment. By the time you get to social sciences where you're doing self reported survey studies on your sensation of gender acceptance, you cant really call it science anymore.

Not saying its useless, but ir absolutely should not be treated with the same level of reverence and trust as the harder sciences. People act like the government should be making policy decisions based on psychology thesis papers, or that id you disagree with some purple haired feminism professor, you are a science "denier."

Ultimately this is a function of poor education, and hivemind thinking caused by our inundation with news and various media.

But yeah, my point is STEM (in its colloquial usage) is really all that can be considered science and people tend to mistake any academic paper or public persona for science or a scientist respectively, and that just isn't so.

Sorry for the rant.

Re:Incentives in economics are wrong, but how? by dash2 on Friday June 11, 2021 @04:03PM (#27477773)
Article author here. I take your point, but you know there's more to social science than studies of feelings about gender acceptance, right? Here's a randomized controlled trial about how to distribute bednets for malaria: http://www.earthinstitute.columbia.edu/sitefiles/file/bednet.... Getting this right potentially saves thousands of lives. It's a rigorous experiment, so in terms of causality you could argue it's considerably tighter and less theory-dependent than e.g. earth sciences.

There are really two issues here which get conflated. First, social life is complex, people aren't like atoms, and all our explanations are gross simplifications. Second, yes, there's a lot of bullshit social science out there. But there's also some real social science, and it can address important issues.

Re:Incentives in economics are wrong, but how? by albatruss on Friday June 11, 2021 @12:39PM (#27475497)
Something important to understand is that the hard sciences are more rigorous, but that's because they're easier to model than what the social sciences have to deal with. The naming is confusing.
Re:Incentives in economics are wrong, but how? by BeFlatXIII on Friday June 11, 2021 @12:41PM (#27475530)
A distinction should be drawn between “this entire field is useless” and “the current discussions in this field are wankery”. IMO, STEMlordery stems from students surmising—correctly or not—that their humanities professor’s publications are wankery and then falsely assuming that the entire field is hokey junk.

Accrediting boards who demand proof that all departments produce relevant scholarly work are also to blame for the situation, as it leads to a proliferation of write-only journals that will publish any word salad that can be convincingly proven to be in dialogue with contemporary scholarship.

Re:Incentives in economics are wrong, but how? by paulpauper on Friday June 11, 2021 @01:10PM (#27475914)
I have observed that purported STEMlordery is more of myth than reality, or a caricature created by the media. I have found that on many stem-centric communities that people employed in STEM have great respect for the humanities, such as history, philosophy, or writing. Look at how many non-STEM articles get voted to the top of hacker news, such as articles about literature or philosophy.
Re:Incentives in economics are wrong, but how? by dash2 on Friday June 11, 2021 @04:06PM (#27477809)
Personally I love literature and art, my bedroom is lined with poetry books in several languages, and for that very reason, I dislike much of the modern humanities, with their pious, dreary approach to these beautiful and important things.
Re:Incentives in economics are wrong, but how? by BeFlatXIII on Friday June 11, 2021 @08:51PM (#27480299)
> I dislike much of the modern humanities with their pious, dreary approach

As someone who recovered from a mild case of being a STEMlord in college, grandiose claims of unearned self-importance are what turned me off from literature classes. I was always down to take a class in history, philosophy, or music if my schedule had an opening for that semester, but I took the minimum I could get away with in languages & literature.

Part of the problem is that English departments insist they are important because they “teach you how to be fully human”, which induces eye rolls: it’s like how the Quality Inn having the word “quality” in its name is unintentionally ironic. I still don’t know if the Dead Poets Society was meant as a satire of self-important literature classes or as a genuine homage to them.

At least the way it was taught when I was in high school, poetry was either cheesy rhymes or was the literary equivalent of debugging someone else’s code golf. It wasn’t until I discovered the authors Mark Danielewski and Christian Bök that I understood the joy in playing with language for its own sake.

Re:Incentives in economics are wrong, but how? by quartesixte on Saturday June 12, 2021 @01:24AM (#27481778)
History based English departments might have been more up your alley.

Took a class on Shakespeare centered around recreating the plays as they were meant to be played, and the historical context they were played in. Fascinating stuff, and a lot less susceptible to pure rhetorical analysis nonsense.

Re:Incentives in economics are wrong, but how? by BeFlatXIII on Friday June 11, 2021 @02:19PM (#27476775)
Undergraduate underclassmen and high school students are where you find most real live STEM lords. STEM professionals may be ignorant of the humanities, but they are (for the vast majority) no longer condescendingly dismissive enough to be true STEM lords.
Re:Incentives in economics are wrong, but how? by fallingknife on Friday June 11, 2021 @01:19PM (#27476027)
I think the problem is that non-STEM classes have been dumbed down to the point where they just aren't on the same level. You see lots of failed science majors in English class, but no failed English majors in differential equations class. But why not? Writing is hard, and if you had to be as good of a writer to be an English major as you do at math to be a math major, lots of people would fail out of that too. But they don't because those classes are easy. I've never actually heard anybody argue that the subject matter isn't worthy.
Re:Incentives in economics are wrong, but how? by leetcrew on Friday June 11, 2021 @03:33PM (#27477496)
> You see lots of failed science majors in English class, but no failed English majors in differential equations class.

I always find this funny to read, because that's more or less what happened to me. I was originally very interested in philosophy and the classics, but I just couldn't keep up with the reading and paper assignments. I'm not a bad writer in general, but I'm terrible at writing academic papers. I picked CS/math because I was tired of staring at a blank word document and slowly panicking for a week. with CS/math, I could just sit down and start making progress immediately on a problem set or coding project.

I see the point of what you're saying though. there's a limit to how rigorous an english class can practically be. the difference between bad and mediocre writing is mostly mechanics. but what's the difference between good and great writing? I doubt the "experts" could even agree, let alone come up with a rubric for grading papers.

Re:Incentives in economics are wrong, but how? by Frost1x on Friday June 11, 2021 @12:10PM (#27475143)
There's a lot of non-scientific papers produced from the sciences, they're just heavily laced with jargon, complexity, or intentionally limited scope to make publication viable and hide the shortcuts behind them.

When I was young I believed things outside of the sciences and math were useless. As I've grown older, I realize the tremendous value of the arts, humanities, and other studies. They're just not as obviously functional or as easily quantifiable and much of this work is difficult. These studies help us think as humans and not machines. Yes, they can be gamed by disingenuous and often do get low rewards in society, but they're not inherently useless disciplines. The other studies provide much value to what makes life worth living, IMO.

Literature, art, the human state. I love science, don't get me wrong, but I also enjoy the rest.

Re:Incentives in economics are wrong, but how? by greenail on Friday June 11, 2021 @12:02PM (#27475051)
I'm suggesting that we may be overinvesting in some parts of academia outside the realm of science and that publishing in a journal may not be the best way to measure how to tune those investments. Sokal's work in 1996 was interesting and "Sokal Squared" seems relevant to the topic. A journal's ability to filter out parody seems like a good test for evaluating the overall quality of investments in a field.
Re:Incentives in economics are wrong, but how? by bregma on Friday June 11, 2021 @12:31PM (#27475381)
But everyone knows you can only get rich by working in STEM. Have you ever heard of a musician worth millions? Or a writer? Or an actor? Or an athlete? Fashion designer?
Re:Incentives in economics are wrong, but how? by paulpauper on Friday June 11, 2021 @01:06PM (#27475858)
You have to look at relative frequency, median wages. A competent coder can made a solid 6 figures.But it requires top .001% of music or athletic ability to make money as a pro. Just being very good at football may be enough to letter but not to join the NFL. Same for writing or acting. World famous actors or writers can make tens of millions of dollars at their craft, but some unknown guy who join #10 at Facebook , Airbnb, or coinbase can easily be worth as much or more.
Re:Incentives in economics are wrong, but how? by Game_Ender on Friday June 11, 2021 @12:38PM (#27475485)
What percentage of writers, athletes, actors, or musicians are worth millions? Compare that to the number of STEM graduates.

It’s not that you cannot, it’t about the likelihood.

Re:Incentives in economics are wrong, but how? by TheOtherHobbes on Friday June 11, 2021 @12:54PM (#27475719)
The humanities also include law, politics, and economics [1].

What percentage of laywers, politicians, and economists are worth more than STEM graduates?

How much relative power does each sector have?

[1] Technically a social science, certainly not a hardcore STEM subject.

Re:Incentives in economics are wrong, but how? by whimsicalism on Friday June 11, 2021 @12:58PM (#27475761)
Economics is not in the humanities, political science is not in the humanities, and law is not typically considered in the humanities.

It kinda sounds like you don't know what the humanities are.

Re:Incentives in economics are wrong, but how? by SketchySeaBeast on Friday June 11, 2021 @01:02PM (#27475808)
https://en.wikipedia.org/wiki/Humanities#Law_and_politics

Just to be clear, you're both kind of right, but I take objection to your overly aggressive stance on this where you rebut and accuse without providing any sort of evidence.

Re:Incentives in economics are wrong, but how? by Apocryphon on Friday June 11, 2021 @01:05PM (#27475850)
The humanities, liberal arts, and social sciences are usually lumped together as "not-STEM".
Re:Incentives in economics are wrong, but how? by fallingknife on Friday June 11, 2021 @01:22PM (#27476063)
Have you ever heard of one any one of those who anybody gave a shit where they went or if they went to school? (Other than athletes, of course, but for them school is no more than an unpaid apprenticeship forced on them by monopolistic leagues.)
Re:Incentives in economics are wrong, but how? by burnished on Friday June 11, 2021 @12:39PM (#27475504)
nah, this is a huge problem in STEM fields
Re:Incentives in economics are wrong, but how? by taneq on Friday June 11, 2021 @04:46PM (#27478258)
> Eventually we ended up with a notion that everyone should go to college and this has been buttressed with government support but what if this idea is wrong?

The mistake was assuming "going to college" was the goal and not "learning something useful." Too many kids spend years of their life and earnings studying completely useless degrees.

> Maybe the incentives focused universities on creating more "education" so they could rake in the cash made readily available through government subsidies targeting those who could not complete STEM degrees.

Nail, head, yep.

Re:Incentives in economics are wrong, but how? by eigenket on Friday June 11, 2021 @05:12PM (#27478568)
Speaking as someone who went pretty heavily into STEM (I have a PhD in math and work as a mathematical physicist) I absolutely hate this view. I have not seen any evidence that on average STEM is harder in a meaningful sense than non-STEM subjects. A huge amount of non-stem stuff is really difficult, if you tried to push me as an undergrad through a philosophy or history or literature degree or whatever I'd probably fail.

Viewing non-stem stubjects as a lesser course for "those who could not complete STEM degrees" is simultaneously idiotic and elitist, which is pretty impressive.

I also completely disagree with the naive assumption that non-vocational degrees are "useless degrees", there is a big difference between something being "useless" and you, personally, not understanding the use.

Re:Incentives in economics are wrong, but how? by taneq on Friday June 11, 2021 @05:32PM (#27478778)
Congrats on getting a job as a mathematical physicist! Among my cohort (which includes a few maths/physics double degrees) that makes you something of a unicorn.

If you take a moment to revisit my post, you'll notice I never mentioned difficulty. I'm well aware that some non-STEM degrees are incredibly complex and I make no claim to any ability in those areas for myself.

I also never made any value judgement about courses being "greater" or "lesser". That's a subjective call and ymmv.

I absolutely don't discount all non-STEM degrees as being 'useless' and there's plenty of insight and wisdom to be had from people with a deep understanding of history, or comparative culture, or any number of fields.

And yet I still feel it's a grave disservice to tell the average high school student that they should go to university for the sake of it, even if that means specializing in glazing techniques in 14th century French pottery or whatever other navel-gazing pursuit, while your insane U.S. tuition fees are extracted from them.

Re:Incentives in economics are wrong, but how? by eigenket on Friday June 11, 2021 @05:36PM (#27478809)
Well I don't have a permanent job, I'm an adjunct, and not based in the US so maybe I experience a slightly different job market to your cohort.

I was mainly focusing on the line "targeting those who could not complete STEM degrees", which seems to heavily imply that the non-stem options are a lesser choice for those for whom stem is too difficult.

Re:Incentives in economics are wrong, but how? by lodi on Friday June 11, 2021 @07:35PM (#27479804)
> I have not seen any evidence that on average STEM is harder in a meaningful sense than non-STEM subjects.

1) STEM admissions require vastly higher GPA's, SAT/GRE scores, and admit a smaller fraction of applicants.

https://www.admissionreport.com/university-of-cambridge

(10% of 1330 applicants accepted for Computer Science, 60% of 57 applicants accepted for BA Classics)

2) STEM graduates earn more.

https://www12.statcan.gc.ca/census-recensement/2016/dp-pd/dt...

(72k/85k median/mean for STEM in Canada, 56k/69k for non-STEM)

3) Most STEM undergrad programs require students to take roughly half of their credits in non-STEM subjects, which they pass just fine, but non-STEM students are not required to learn about chemistry, electrical circuits, etc.

4) Math and compsci departments split (read: simplify) intro courses like "Statistics" into separate courses for STEM vs non-STEM students, for obvious reasons. I've never seen gender studies simplified for STEM students.

> if you tried to push me as an undergrad through a philosophy or history or literature degree or whatever I'd probably fail.

Ridiculous. I'm calling out your false modesty. If you obviously had enough intelligence and work ethic to get a PhD (any doctorate, but especially math), and then gainfully work as a physicist, you obviously could have passed any other 4-year undergrad program in any field. Undergrad is a low bar to clear.

---

One more note on this topic: when comparing fields/careers like this, I don't find it useful to look at how difficult things are for the top performers. Everything is super competitive at the very top level. Is it harder to be a Fields medalist or a Formula 1 driver? I don't know; there's literally only a handful of genius/superhuman people at that level. But looking at the median level, ask people if they would rather take a math test or a driving test and the results will be predictable.

Re:Incentives in economics are wrong, but how? by GhostVII on Friday June 11, 2021 @09:56PM (#27480691)
At least in my university, the failure rate for STEM programs is much higher than non-STEM, despite having a higher entrance average requirement. So that is some evidence for those programs being more difficult.
Re:Incentives in economics are wrong, but how? by scroot on Friday June 11, 2021 @05:28PM (#27478730)
There is a richness to life that has nothing whatsoever to do with money. To the technocratic mind that would confuse this fact, what is "useful" can only ever be presented in the terms of the economics profession.

Under such guidelines it is quite "useless" to, say, spend a decade studying Akkadian. But our understanding of the past would be so much poorer without people willing to engage with Assyriology. I'd like to see STEM-maximalists argue that one engineering field or another is somehow more difficult than ANE studies.

Re:Incentives in economics are wrong, but how? by eigenket on Friday June 11, 2021 @05:32PM (#27478777)
Similarly a lot of stuff that falls under the STEM umbrella is completely useless. I have spent months and years of my life working on difficult math problems a bunch of which will probably never have any real-world application.
Re:Incentives in economics are wrong, but how? by taneq on Friday June 11, 2021 @05:33PM (#27478789)
Well yeah, it's nice to be independently wealthy and spend your life studying whatever takes your fancy, and if you can afford to do so then good on you.
Re:Incentives in economics are wrong, but how? by scroot on Friday June 11, 2021 @06:04PM (#27479059)
I think the point is that everyone should have such an opportunity without having to be independently wealthy in the first place.
Re:Incentives in economics are wrong, but how? by taneq on Friday June 11, 2021 @06:14PM (#27479149)
I think we agree on the fact that it's nice to have nice things, and it'd be nice of the government paid for more nice things?
Re:Incentives in economics are wrong, but how? by bngybmgrglflps on Friday June 11, 2021 @07:02PM (#27479551)
A government can only acquire revenue by siphoning productivity ("nice things").

The organization and its agents bear no consequence for mistakes in the allocation. It has no means to compare value or incentive to do so. The system evolves according to the "iron law of bureaucracy" as a perfect rent-seeking apparatus.

It's nice to imagine everyone having enough, or maybe that everyone is "equal." But you can't save anyone from their choices.

That's not nice. It's prison.

If you know how to optimize human life for a given group of agreeable people, go for it. For the rest of us, no means no.

Re:Incentives in economics are wrong, but how? by Ekaros on Friday June 11, 2021 @05:05PM (#27478480)
We have been long past point where just a degree is enough. What the degree is in is also important. And here even some hard-science paths like physics can be limiting.
Re:Incentives in economics are wrong, but how? by tsimionescu on Friday June 11, 2021 @04:15PM (#27477909)
I vehemently disagree. Education is a value in itself, whatever its impact on the economy or on technology is. People have an innate right to be as educated as they want (and can handle).

Of course, it doesn't follow that they have a right to be considered researchers or publish papers afterwards, and the plethora of bad research may be a real problem. However, it should be noted that academic pseudosciences are not a new phenomenon, and they have sometimes been much more destructive than some of today's examples. Race science, phrenology, medicine in the time of bloodletting and others have been respected academic pursuits created by elites, not the result of anything like over-education.

Re:Incentives in economics are wrong, but how? by octopoc on Friday June 11, 2021 @04:58PM (#27478403)
But does education need to look like universities and colleges? Education used to look (for most people) like apprenticeships, which is more like a tutoring approach without study of anything unnecessary to your trade.

Maybe a better system in modern times would be a combination of mentoring with official recommendations and travel (to broaden horizons).

Re:Incentives in economics are wrong, but how? by gknoy on Friday June 11, 2021 @05:24PM (#27478699)
How would you study history, philosophy, or ethics, then?

Those classes covered things which I have never encountered in my _trade_, but which formatively affected my views on how one should treat others (or treat oneself). I feel like the stereotypical "liberal arts" education, in which one studies things that are not just focused on your trade, has an intrinsic value which is hard to articulate.

Re:Incentives in economics are wrong, but how? by eunoia on Friday June 11, 2021 @05:37PM (#27478816)
“You wasted $150,000 on an education you coulda got for $1.50 in late fees at the public library”

Of course not everyone is autodidactic so the path is not for everyone, but it is indeed quite possible to acquire this kind of knowledge/humanity outside of the university structure.

Alternatively: everyone should read the classics.

Re:Incentives in economics are wrong, but how? by quartesixte on Saturday June 12, 2021 @01:19AM (#27481760)
If you are fortunate to go to a top tier university, many of the non-STEM classes will (hopefully) be taught by Professors who are active contributors to their fields, and use their lectures as a "rough draft" of a future book they will publish. Of what value being at the "cutting edge" of literary theory is up for debate, but there are some things that aren't easily available at your local public library.

Also sometimes it's just cool to have the guy who wrote the textbook be your professor.

Re:Incentives in economics are wrong, but how? by closeparen on Friday June 11, 2021 @05:58PM (#27479006)
Missing:

- Someone who knows those books to explain and lead discussions about them.

- A place to hold those meetings.

- Some kind of accountability for actually doing the readings, writing the papers, and internalizing some understanding.

That costs a little more than $1.50 but it has no right to cost $150k. It's not like graduate student wages are expensive.

Re:Incentives in economics are wrong, but how? by wahern on Friday June 11, 2021 @06:34PM (#27479326)
Interestingly, my neighborhood public library in the Outer Richmond district of San Francisco offers free Great Books-style discussion groups. I never attended a session but always noticed the schedule on the bulletin board. Googling it just now, it's apparently led by members of the Great Books Council of San Francisco (https://www.greatbooksncal.org/).

When my children get old enough I hope to attend with them. I had the great fortune to experience a Great Books program for 2-3 years in high school (a pet project of a teacher who fought tooth and nail to fund that class) and consider it a formative experience.

Re:Incentives in economics are wrong, but how? by eunoia on Friday June 11, 2021 @06:35PM (#27479333)
Yeah to be clear I don’t mean to say a liberal arts education is literally only worth $1.50. I personally place immense value on learning.

Just to point out that much like working at a high level in tech, a degree is actually not a hard pre-requisite to having an understanding of the humanities, ethics, etc.

Also just like STEM, many will absolutely benefit from the structure of a university setting.

I just couldn’t resist the Good Will Hunting quote.

Re:Incentives in economics are wrong, but how? by closeparen on Friday June 11, 2021 @05:37PM (#27478815)
Everyone "can handle" arbitrarily much busywork. Whether the lights are on or anything is happening intellectually is another story. I would like to see every American teenager have that experience, but my experience was that in high school, the very top of the class caught glimmers of it occasionally.

I think when you send "everyone" to college, it's going to be no different for them than high school was for "everyone" (and for the smart kids in their less-special subjects): chug through the tedium with as little of your brain as possible, while away the hours and the months until you get to something you actually care about. That's a reasonable way to warehouse teenagers while their parents are at work, but 18-22 year olds could plausibly be doing something else.

Re:Incentives in economics are wrong, but how? by paulddraper on Friday June 11, 2021 @05:13PM (#27478584)
> People have an innate right to be as educated as they want (and can handle)

What year did that right begin?

Re:Incentives in economics are wrong, but how? by tsimionescu on Saturday June 12, 2021 @09:33AM (#27484361)
By definition, innate means that there is no beginning - it's as old as humanity itself.
Re:Incentives in economics are wrong, but how? by paulddraper on Tuesday June 15, 2021 @01:11AM (#27511553)
So ... Who violated the caveman's right?
Re:Incentives in economics are wrong, but how? by alexashka on Friday June 11, 2021 @05:10PM (#27478537)
> People have an innate right to...

No, they don't.

Re:Incentives in economics are wrong, but how? by rednerrus on Friday June 11, 2021 @02:04PM (#27476600)
We should be pouring the money we pour into universities into high schools. We should set the bar higher for what we expect of high school students. We should create vocational programs so that kids come out of high school with skills that help to improve society. If you want to improve society, give kids a sense that they can make a difference and be functional members of society.

We should also be pouring money into early childhood development. We should setup community centers for expecting/new mothers. Women can go to these community centers for support, education, and to be with other mothers.

Re:Incentives in economics are wrong, but how? by whimsicalism on Friday June 11, 2021 @12:14PM (#27475181)
> Have we reached a state of elite-overproduction?

I'm very curious about this line of thought, as it seems to have become very popular in the blogospher over the past year or two.

What are the consequences of "elite overproduction"? I'm curious what the implications of this line of thought are.

Generally, I think more education is better than less - I am wrong to think that?

My personal hypothesis is that this fear of elite overproduction is being generated by existing professionals who are afraid an increasing supply of educated workers reducing their negotiating position/compensation.

Re:Incentives in economics are wrong, but how? by distribot on Friday June 11, 2021 @12:22PM (#27475293)
I think this elite notion is over-simplified and inaccurate. It suggests that some significant portion of students are at these kind of "walled garden", elite institutions where students become disconnected from the struggles of "real people".

80% of students go to a school where over half of applicants are accepted. Yes, these schools definitely are centers of, frankly, liberal idealism and free-spiritedness. But I think that would be the case in any system where young people are pretty unsupervised and have lots of time to read and study (or party). In my experience though, they aren't factories for elites in the common sense of that word. They're just a reflection of how you need much more training to be competitive in the job market today.

https://www.theatlantic.com/education/archive/2019/04/harvar...

Re:Incentives in economics are wrong, but how? by ta1234567890 on Friday June 11, 2021 @12:32PM (#27475400)
Not OP. My interpretation is that society doesn’t really need as many university degrees as we are producing. Not because of competition but because not all jobs require a college degree, and ideally we should be increasing the pay of those jobs.

It might be better to adopt a model similar to the German or Swiss, in which people follow different tracks depending on their skills and interests, and not everyone goes to college, instead a lot of people go to trades schools. Of course for that to work in the US a huge societal change would need to happen first or alongside.

Re:Incentives in economics are wrong, but how? by whimsicalism on Friday June 11, 2021 @12:45PM (#27475593)
> ideally we should be increasing the pay of those jobs.

The pay of which jobs? The ones that require a college degree or not.

> Not because of competition but because not all jobs require a college degree

And are the number and prospects of these jobs increasing or decreasing?

I also find this whole conflation of having a college degree and being an elite silly. The problem seems much less to be that we have too many educated people and seems much more that wealth is concentrated by the small subset of wealthy people who "got here first" and then get the compounding returns.

Re:Incentives in economics are wrong, but how? by michaelt on Friday June 11, 2021 @12:36PM (#27475446)
> What are the consequences of "elite overproduction"?

Underemployment, leading to...

Long term student debts, leading to...

Fewer people starting families

Re:Incentives in economics are wrong, but how? by whimsicalism on Friday June 11, 2021 @12:41PM (#27475528)
> Long term student debts

I agree that this is a problem, and to the extent that we make it too easy for 18 year olds to take out massive amounts of debt, that is bad.

But I feel like many of the people arguing about "elite overproduction" would be opposed to something like making all public schools free or just free community college.

Re:Incentives in economics are wrong, but how? by leetcrew on Friday June 11, 2021 @01:31PM (#27476168)
part of "elite overproduction" (or even the crux, as I understand it), is giving more degrees than jobs actually exist for those degrees. from this perspective, it doesn't make any sense to spend more tax dollars on even more degrees that we (allegedly) don't need. a college degree will stop being a "ticket to the middle-class" (as my alma mater described it) somewhere before everyone has one.

that's the economic side of the argument anyway. I partially agree with what you said further up the chain, that education is a value unto itself. but it depends on what kind of education is actually being obtained. imo, a four year program that focuses on one main area and requires a smattering of intro-level courses in others isn't worth that much if you don't end up getting a job related to that area of focus. I guess if the major was interesting to you, that's something, but was it worth four to six years of your life?

Re:Incentives in economics are wrong, but how? by tartoran on Friday June 11, 2021 @12:38PM (#27475479)
> Have we reached a state of elite-overproduction?

I don't see that as a bad thing. Of course they won't be elites when overproduced but its output, when looking at the big picture, will be positive. If you're so with your view why stop at universities then? Why educate the masses at all? Why not have classes of educated and uneducated people?

Re:Incentives in economics are wrong, but how? by kapuasuite on Friday June 11, 2021 @12:40PM (#27475519)
There are tradeoffs, though - the resources that are poured into higher education are resources that cannot be spent on other vital things.
Re:Incentives in economics are wrong, but how? by Aunche on Friday June 11, 2021 @01:18PM (#27476019)
I think the better question is why exactly are we pouring so many resources into higher education? Most of my classes were taught by lecturers making at best $80 an hour teaching a class of a hundred. The real work is done by the TAs who make at best $15 an hour. Where is the rest of the money going to?
Re:Incentives in economics are wrong, but how? by ajmadesc on Friday June 11, 2021 @05:50PM (#27478929)
"Administration", "outreach", "development"
Re:Incentives in economics are wrong, but how? by tartoran on Friday June 11, 2021 @01:00PM (#27475787)
Yes but there are tradeoffs everywhere. I'd look at the big picture instead. Are we better off than, say, 100 years ago?
Re:Incentives in economics are wrong, but how? by kapuasuite on Friday June 11, 2021 @01:05PM (#27475851)
Yes, there are tradeoffs anywhere - which means we should rationally assess what we're putting into education and whether at least some of those resources can be put to better use in other ways.
Re:Incentives in economics are wrong, but how? by tartoran on Friday June 11, 2021 @03:43PM (#27477591)
Too much optimization reminds me of what happens when removing all slack from supply chains: when it fails it takes down the whole system. I'd leave some inefficiencies here and there, we're human after all. Of course, I'm not talking about gross inefficiencies. But are there any? By what measure?
Re:Incentives in economics are wrong, but how? by insert_coin on Friday June 11, 2021 @10:05PM (#27480753)
There is only one that matters, the number of graduates working in a field unrelated to the degree.
Re:Incentives in economics are wrong, but how? by whimsicalism on Friday June 11, 2021 @12:50PM (#27475664)
Like giving a $200k/yr tech worker $6k in stimmy checks?

There are broad benefits to having an educated society, this rhetoric about 'elite overproduction' has classist/snobbish undertones, in my view.

Re:Incentives in economics are wrong, but how? by kapuasuite on Friday June 11, 2021 @01:04PM (#27475826)
Tax dollars that go to universities for one reason or another are tax dollars that cannot be spent on healthcare - tax dollars that can't be collected from tax exempt institutions (like almost all universities) are tax dollars that can't be spent on maintaining infrastructure. The possibilities are endless. The questions isn't whether or not education is "good", because it obviously is, it's whether the level of resources devoted to it can be spent to better effect elsewhere, which is probably true.
Re:Incentives in economics are wrong, but how? by whimsicalism on Friday June 11, 2021 @01:13PM (#27475964)
> which is probably true.

Hm, is it? My guess is that government spending on college probably is probably a net positive investment in terms of revenue for the govt due to downstream growth, likely also lowers the cost to do other things in industry.

There is extensive evidence that further public spending on healthcare does not have a size-able impact on outcomes, unfortunately. [0]

> the level of resources devoted to it can be spent to better effect elsewhere

But why the focus on education? Why not increase, say, inheritance taxation and then use it to fund those additional things? Couldn't we make better use of the resources our society devotes towards making sure that the kids of rich parents are also rich?

[0]: https://en.wikipedia.org/wiki/RAND_Health_Insurance_Experime... You really can't beat social science research like this and the followup in 2010.

Re:Incentives in economics are wrong, but how? by leto_ii on Friday June 11, 2021 @04:38PM (#27478170)
This position strikes me as unjustifiably elitist, reminiscent perhaps of Allan Bloom's The Closing of the American Mind.

> lots of university departments that were superfluous, producing nothing that was actually benefitting society

Who's to decide precisely what does and doesn't benefit society? More so, how can you decide in advance which line of inquiry will prove fruitful and which won't? Shouldn't you cast a broad net, especially when it comes to academia?

> government subsidies targeting those who could not complete STEM degrees

This, I'm sure, varies greatly between countries. But why do you think there's such a clear hierarchy of academic topics? It's quite dismissive of entire fields to assume that the people who are involved with them are simply STEM drop-outs.

As a side note I would also have to say that lumping together science, engineering and mathematics doesn't make much sense to me - this observation is not targeted at the parent, it's just a general peeve I have.

> Have we reached a state of elite-overproduction?

What would the alternative be? Back to the aristocracy, or to something like the Gilded Age or Belle Epoque?

Re:Incentives in economics are wrong, but how? by ashtonkem on Friday June 11, 2021 @12:42PM (#27475549)
A podcast I listen to[0] had a throwaway line that’s stuck with me. I’m not sure if it’s actually correct, this isn’t an area I’m an expert in, but it’s interesting nonetheless.

> Colleges are really just real estate speculation businesses that also incidentally give you a degree in dentistry or whatever.

If that’s true, wouldn’t it explain why colleges do things that don’t make sense for education?

0 - Well There’s Your Problem Podcast, Episode 71

Re:Incentives in economics are wrong, but how? by whimsicalism on Friday June 11, 2021 @12:48PM (#27475631)
I think the type of person who tends to browse HN has a problem with latching on to phrases or ideas that "sound interesting" and then never doing any further research. I think it's where a lot of the rhetoric around 'elite overproduction' comes from.

> Colleges are really just real estate speculation businesses that also incidentally give you a degree in dentistry or whatever.

Why would that incentivize colleges to enroll more students? How does college as real estate speculation business work?

Re:Incentives in economics are wrong, but how? by ashtonkem on Friday June 11, 2021 @12:51PM (#27475674)
You can disagree with the podcast without attacking me.
Re:Incentives in economics are wrong, but how? by whimsicalism on Friday June 11, 2021 @12:52PM (#27475684)
I'm attacking myself as much as you, I have this problematic tendency to latch onto interesting sounding ideas.
Re:Incentives in economics are wrong, but how? by ChainOfFools on Friday June 11, 2021 @02:00PM (#27476544)
universe is infinite, brains are finite. ergo, brains find compression irresistible, to the point of self-dosing reward juice when a delightful morsel of smartly collapsed reality is encountered.

even our signal processing wiring, with each lopsided neuron merging many inputs into a single output, is biased toward obligate compression.

Re:Incentives in economics are wrong, but how? by v-erne on Friday June 11, 2021 @05:11PM (#27478551)
I believe saying that our mental models are mere models and not reality would be a bit shorter, profound and usefull :)
Re:Incentives in economics are wrong, but how? by ChainOfFools on Friday June 11, 2021 @05:32PM (#27478767)
maybe, but I try to avoid (or at least subordinate) phasing that implies a dualist distinction between the real and the mental. even the 'merest' of mental models is also part of reality, right?

such contextualization does indeed impair portability...

Re:Incentives in economics are wrong, but how? by v-erne on Saturday June 12, 2021 @09:40AM (#27484405)
>> even the 'merest' of mental models is also part of reality, right?

That's quite materialistic take - I think the jury is still out on whether mind is inseparable from material reality (even if we treat it only as an emergent phenomena)

Re:Incentives in economics are wrong, but how? by ChainOfFools on Saturday June 12, 2021 @03:35PM (#27486917)
(speaking for myself here) s/materialist/monist, in which everything is considered, not material as such, but rather as emergent phenomena of differentials in causality feedback cycles.
Re:Incentives in economics are wrong, but how? by rmah on Friday June 11, 2021 @01:03PM (#27475820)
The idea that real estate speculation being the baseline goal of universities is funny but doubtful.

Instead, consider that survival is almost always one of the main goals of any larger organization. That happens for a variety of personal, individual reasons: job security, reputation halos, personal networks, etc. But in the end, it translates into organizations taking actions simply to survive. And since one of the best ways to survive is to grow, taking actions to grow.

This is true for everything from charities that take care of the poor and sick to for-profit corporations to government agencies. And, of course, universities.

So why does a university spend a ton of money on renovating their football stadium? Simple, it makes alums happier (more donations), it looks better on televised games (enhanced reputation), etc. It helps the university survive.

Re:Incentives in economics are wrong, but how? by ajmadesc on Friday June 11, 2021 @05:56PM (#27478985)
> The idea that real estate speculation being the baseline goal of universities is funny but doubtful

Drexel university is spearheading the gentrification of west Philadelphia.

They paid tens of millions for a dirty old tire shop.

They require the first three years of your degree to be spent in overpriced uni owned housing.

The chancellor makes one of the highest salaries in the us.

That's the only example I can really think of

Re:Incentives in economics are wrong, but how? by TheOtherHobbes on Friday June 11, 2021 @12:49PM (#27475648)
It's a perfect example of incentives being wrong. If you're a huge corporation with land, property, and a tradition of relying on bequests and bloated fees, the reward function will optimise for more land, more property, more bequests, and more fees.

The nominal purpose - education - becomes more of a marketing exercise than the primary concern.

Re:Incentives in economics are wrong, but how? by marcosdumay on Friday June 11, 2021 @04:21PM (#27477970)
> Eventually we ended up with a notion that everyone should go to college and this has been buttressed with government support but what if this idea is wrong?

> What if the incentives created lots of university departments that were superfluous, producing nothing that was actually benefitting society.

I would say that those are two completely independent issues, that just look alike because of policy.

Now, about the actual subject, I'm not sure. The knowledge one gets at higher education brings a lot of possibilities too. It's not all signaling. An educated society is supposed to create wealth by itself, and this seems to happen on practice. I would look elsewhere for the origins of our current economic stagnation.

Re:Incentives in economics are wrong, but how? by notJim on Friday June 11, 2021 @05:48PM (#27478907)
> Eventually we ended up with a notion that everyone should go to college and this has been buttressed with government support but what if this idea is wrong?

I think the problem with this line of thinking is that since the US is a highly-developed country, we depend on having a well-educated, highly productive workforce in order to maintain our economy. The US is no longer a place where you have large numbers of people working in huge low-tech factories, for example, because the productivity of those factories does not afford the living standards of a highly-developed country. Instead, developed countries perform R & D and need highly-skilled workforces. To the extent we have manufacturing, it tends to be highly-automated advanced processes. Again, automation is enabling high worker productivity here.

It seems like the issue may be misallocation of the education being produced, not too much education in general.

Re:Incentives in economics are wrong, but how? by legulere on Friday June 11, 2021 @05:45PM (#27478887)
Access to universities was even less based on merit than it is today I think. Also I think that we’re actually hindering progress by trying to limit research to topics that have direct use following out of it.
Re:Incentives in economics are wrong, but how? by mariodiana on Friday June 11, 2021 @04:23PM (#27477991)
My understanding of the history (in the United States) is this. College used to be almost exclusively for the rich. Now, while there were always students who went to college as a stepping stone to the further study of medicine, law, or theology, there were plenty of rich kids — "legacies," they were called — who went only because they were from the "right kind" of families, and went only to network with others from the same social circles.

This is where the idea of a "Gentleman's C" comes from. You see, their lives were already pretty well set out. You made connections, graduated, and then went to work for your father or uncle, or your father or uncle's firm; or, married the daughter of a well-to-do family and went to work for your father-in-law.

But there has long been an egalitarian and meritocratic strain in the United States, and after WWII, as a way of saying thank you to those who had saved the world from Hitler, the GI Bill was started. This was a great success.

The GI Bill made it possible for older, generally more mature, and generally more motivated individuals to attend college. Interestingly, the "gentlemen" students, the anecdote goes, used to complain about these people as "DAB's": Damn Average Busters. Those on the GI Bill weren't satisfied with grades of C (whether real or given with a wink).

Now, here I break from the history to my own opinion. The former GI's were a special cohort. To identify them as merely middle and working class people benefiting from college, and from there to imagine that all (or nearly all) middle and working class young people could benefit from college just does not follow.

But, whether or not one follows from the other, it's a wonderful thing for a politician to promise, and just the kind of thing people want to believe. Promising to send the children of your constituents to trade school just doesn't have the same ring to it. So, it became college for everybody.

From here, I can pick up with what you're saying, and add that what you're saying jibes with what Allan Bloom said, way back in 1987, with his Closing of the American Mind. Bloom argued that middle class people are far more practical, economically — not having well-to-do fathers, uncles, and father-in-laws to fall back on; and because of that, colleges had to retool to become far more practical. In other words, many of the new degrees — at least at first — were closer to the aims of trade schools than traditional liberal arts curriculums. It seems like things were like that for a while.

Where I think it gets worse is that government money has created a bubble in higher education, a bubble that has created degrees which I term luxury degrees. These degrees are neither traditional college curriculums or glorified trade school syllabi. These are the so-called "navel gazing" or "basket weaving" courses. Maybe, if you were rich and lacked the ability to take over the family business, your rich parents might send you off to study one of these luxury majors, and that might make some kind of sense. Maybe you'd still meet a nice girl or boy, and then fall back on your trust fund. In any case, it would be their money and their business; and, in any case, how much of that sort of thing would there be? But spending taxpayer money to fund these courses of study and produce these degree holders is ludicrous. It is gross malinvestment, plain and simple.

Re:Incentives in economics are wrong, but how? by 13415 on Friday June 11, 2021 @12:53PM (#27475700)
Can you give me an exact definition of "benefitting society"? That sounds a lot like the "real value" of things that salon communists talk about all the time. Count me a skeptic. Opinions about what benefits society differ vastly, and I'm not sure there could be a compelling "objective benefits" theory in this area. Society is what people make of it and how they and elected representatives shape the future.
Re:Incentives in economics are wrong, but how? by fallingknife on Friday June 11, 2021 @01:14PM (#27475972)
Any major that ends in "studies"