No bureaucracy as sclerotic as the higher education industrial complex will change on its own. Change comes in the form of what the great Austrian Joseph Schumpeter called “gales of creative destruction.” Schumpeter argued that entrepreneurial capitalism “incessantly revolutionizes the economic structure from within, incessantly destroying the old one, incessantly creating a new one. This process of Creative Destruction is the essential fact about capitalism. It is what capitalism consists in and what every capitalist concern has got to live in. . . . ”
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I can move to England, pay the non-subsidized foreigner tuition rates, rise early, go to class and take my chances on an Oxford professor. Or I can sit in my pajamas and have an Oxford prof of my choice teach me about critical thinking or the literary legacy of J.R.R. Tolkien. I can avoid the same old green gunk or socialist screeds.
Want to learn more about the Austrian School of Economics from which Dr. Schumpeter derived his doctrine of creative destruction? Here’s a free course. Want to read Adam Smith’s comments about education and virtually every other topic under the sun, here’s a free searchable e-book, and here’s a free version for your Kindle. Feel you need some help understanding Smith? Here’s a podcast course from George Mason University’s econ talk.
Looking for a Schumpeterian take on current economic events? TryIntelligent Investing With Steve Forbes. If you like your free market economic commentary in daily doses, I find the Cato Institute’s daily podcast quite refreshing. For a little more depth, here’s their weekly video.