To listen to the lecture, click here.
Robert Fogel (p. 79-80):
"I believe that one of the solutions will be lifelong education--education not to train for an occupation but to provide a better understanding for ourselves and our world...Entirely new educational forms are needed that aim at satisfying not only curiosity, but also a longing for spiritual insights that enhance the meaning of life, and that combine entertainment with edification and sociality...as per capita incomes rise and the costs of necessities and consumer durables continue to plunge, individuals and households will spend ever larger shares of their income on services that improve health, enhance knowledge, and are spiritually uplifting."
Practical reasons for more education--complexity and rapid technological change
Education will be a growth industry, along with health care and leisure-related services
Demand growing faster than productivity, so cost rising
Nontraditional educational forms--corporate training, elder hostels, home schooling, distance learning
Difficulty Measuring Value Added
Education as investment--human capital
Education as consumption--world's nicest holding pen; lifelong education
Segregation Equilibrium
Rare entry and exit
Regulatory Factors and "Branding"
Public Good vs. Private Benefits