The Opportunity Cost of Higher Education

  • According to the case brief writing services, the growing costs of higher education remain an issue of serious concern, for both policymakers and future students. Not surprisingly, more colleges and universities are willing to switch to online education as a cost-effective alternative to traditional classroom learning. As President of the University, I am not against online courses. However, I do not think that converting most of the university's undergraduate teaching to online courses will benefit our students. The latter need to be competitive, and for this they need to function within the physical realm of higher education. To maintain a reasonable balance of supply and demand in the higher education market and ensure that students do not overestimate the opportunity costs of online learning, I have decided to reserve online courses for specialized, graduate-level seminars and concentrate on classroom teaching.

    Converting our university into a provider of online learning opportunities is not the best means to preserve our economic saliency and ensure outstanding learning results. In his article 'Online Education Will Be the Next 'Bubble' to Pop, not Traditional University Learning, John Tamny says that colleges and universities are not much about learning in the traditional sense of this word. They are more intend to create a solid environment for the young people, who want to establish closer ties with other students and education professionals and speed up their career growth in the future.

    As President of the University, I vote against converting our teaching to online courses for the sake of maintaining students competitiveness in the long run. The concept of competitiveness here has both economic and social implications. As Tamny contends, university tuition is a unique source of benefits for students, which come in the form of the right contacts, right friends, and the right social status. Only through quality face-to-face classroom learning, we will provide our students with valid knowledge and skills to strengthen their professional competitiveness in the long run.

    The second reason why traditional classroom education should be preserved is in its marginal utility. With the growing number of students applying for online courses, the marginal utility of university education will certainly decrease. Apparently, the labor market does not provide enough employment opportunities for all university graduates, who obtain a university degree. By preserving our classroom-orientation in teaching, we will secure many potential students from lost opportunity costs, letting them focus on professional development beyond the system of higher education.

    Third, I firmly believe that higher education should not be as available as it is. Otherwise, students economic happiness will quickly deteriorate. Education remains an essential factor of individual economic happiness. As President of the University, I am in a position to guarantee that quality classroom education will enable our students to maximize their personal and community welfare. Education is a privilege and it cannot be massive. We should prevent our system of higher education from producing thousands of low-quality graduates, who have never tasted the spirit of classroom learning. We are to focus on delivering high-quality learning opportunities to those students, who can afford paying for them.