From a recent review by Anthony Grafton,
senior professor of History at Princeton Univeristy:
The belief that college matters deeply is both implicit and ubiquitous. It dominates upper-middle-class and upper-class family strategies, it wins buyers for magazines that offer pointless and inaccurate university ratings, it generates income for college counselors, and it sustains alumni loyalty (genetics is destiny, a fellow professor told me thirty years ago, as we thought about which colleges our children might attend and realized that we might have sealed their possibilities by our own choices). Most important, it impels tens of thousands of students and their families to spend vast amounts of money every year.
The belief that college matters very little is also ubiquitous: it echoes through the dingy mansions of American public discourse. We hear such a belief when Rick Santorum criticizes President Obama for trying to ensure that as many Americans as possible should attend college, and denounces universities as snobbish institutions, divorced from reality and focused on indoctrinating the young with left-wing dogmas; when the billionaire businessman Peter Thiel offers prizes for top-ranked students willing to drop out of college and try to succeed as entrepreneurs; when writers argue that the college premium in wages is overrated and the American concern with selective admissions rests on erroneous beliefs about the practical value of higher education. These people are all, in their various ways, arguing that higher education has become a strange ghost world, whose practices and beliefs are foreign to those of most ordinary Americans, and whose benefits, intellectual or practical, may be few.
What’s clear to everyone on both sides is that American higher education rests on shaky economic foundations. . . .