LEARNING AND EARNING: A LETTER TO THE ECONOMIST (September 16, 2009)

The law of supply and demand says that increasing the quantity of something tends to reduce its price, but higher education seems to contradict this law according to the latest study of the subject by the Organization for Economic Cooperation and Development (“It Still Pays to Learn,” September 12, 2009). Really? What if the demand for higher education increases faster than the supply? Much of your article about OECD’s study is marred by the implication that higher education is about something as pedestrian as skill acquisition. At its best, it is about learning to learn. By the way, this has been MIT’s motto for years. Your and OECD’s puzzle of higher education is thus hardly a puzzle at all.  And learning to learn will forever remain the best way to earn, as well. That is, learning and earning will keep contradicting your stunted version of the law of supply and demand indefinitely.