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.
> 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.