There is a lot of talk going around about how universities are broken, and Silicon Valley is going to put the Ivy League out of business. Certainly change is afoot, and continued tuition hikes at twice the rate of inflation are ridiculous. Online universities like Udemy and the Miverva Project are interesting, and may even succeed, depending on whether success is measured in teaching students or in making tons of money. But if success is measured in pushing the existing elite universities out of their current position, don’t hold your breath.
Kevin Carey wrote a piece in The New Republic saying how the roster of leading companies has completely changed over the last century but the roster of leading universities has not. American Cotton Oil is gone, but Harvard remains. Carey states that this is unsustainable; education should be as prone to disruption as business.
But there is a deep flaw in Carey’s analogy. Companies go out of business mostly because people no longer want their products. When was the last time you bought cottonseed oil, or film for your camera? But people still want what universities are offering, especially elite universities. Is education still valuable? Yes. Is a Harvard degree still valuable? Yes. I don’t want any cottonseed oil, but I sure want my kids to get a Harvard education and diploma. And as long as the desire for education and prestige remains (ie. as long as human nature still rules), the elite universities will remain so.