From 1965 through 2011, the number of students attending colleges and universities in the United States each year rose steadily from 5 million to 21 million. But since 2011, this number has declined steadily and is now down to around 19 million students per year. While this decline does not seem dramatic, it does suggest a shift in attitudes connected to the value of attending college and whether doing so is worth the financial or opportunity cost. As a result, many US colleges and universities have been rethinking their approach to traditional undergraduate education, trying to refocus their curriculum on “experiential learning” and otherwise trying to better prepare students to secure high-paying jobs upon graduation.
While it is easy to understand why colleges and universities might react in this way, it is not clear that this move is correct, either as a way to better secure the financial stability of...
