The Root Cause of Market Failure In Higher Education

Bill Frezza, RCM
A little noticed Associated Press news story last week reported that China now plans to phase out college majors that consistently produce unemployable graduates. Any program in which 60% of the graduates failed to find work for two consecutive years would face funding reductions until supply was brought back into balance with demand.This Chinese hand may not be invisible, but it would be one that Adam Smith would recognize. Isn't it amazing that even self-identified communists are figuring out that markets only work when adjustment mechanisms act to reduce surpluses and shortages?...

Source: http://www.realclearmarkets.com/articles/2011/11/28/the_root_cause_of_market_failure_in_higher_education_99387.html

george w bush