Vox Day on the global education bubble:
The fallacious idea underlying the link between education and economic growth is that expanding an individual's knowledge base will enable him to engage in more economically productive action. But this completely depends upon a) what that knowledge is, b) the ability and willingness of workers to translate knowledge into action, and c) the utility of those actions in producing goods and services that customers want or need. In most cases, the education that is being provided fails on all three points.
Producing more lawyers, social workers, and Womyn's Studies majors is not going to generate any productive economic activity, indeed, it is guaranteed to generate activity that will increase economic contraction by inhibiting the free flow of goods and services. Combine that with the development of technologies that will significantly reduce the need for human service providers such as lawyers, paralegals, engineers, and teachers, and there is a perfect storm of mass white-collar unemployment on the horizon, not only in the United States, but all around the world.