|You really don't have a brain if you get yourself in crippling debt getting a degree..|
A different Professor notes that law schools are failing, but that is a function of too many law schools, too high tuition, and too many graduates finding there are no jobs out there. And that is the problem. Justice Scalia admitted he hires clerks from Harvard based on his belief that they screen smarter people into their program (rather than on the basis of the program itself). That elite status is why law schools are so obsessed with the rankings. There has been a stigma in ranking and accreditation (and professional regulation licensing requirements) that has prevented students in law and other professions from looking for less expensive options.
And obstacles like this are not just a problem in higher education. It is harder to become a barber or interor designer in some states than a EMT? Something is seriously wrong.
The solution is some schools figuring out a way to offer degrees less expensively and letting the market sort this out. Looking at law schools as an example, other than a library, they do not require a lot of infrastructure. They require good professors (and obviously wooing them from the private sector is not cheap) but the question is how to teach a subject in a cost effective efficient manner. Let the private sector work.
The Other McCain has more on it.
Professor Reynolds has more on how you will not get what you are paying for...
What we should be teaching is avoiding the culture of poverty... The culture used to be hard work would get you ahead and colleges, trades and professions were made reasonably affordable and accessible (especially after WWII to returning veterans).
Professor Bainbridge notes tenure does impact costs...
Salon notes the problem for law students: Too many, too much debt, not enough jobs...
Update: Freakonomics blog notes Mark Cuban is predicting a college meltdown too! Mark Cuban is mind melding with Glenn Reynolds!