Economist Herb Stein famously said that something that can't go on forever, won't. For decades now, America has been investing ever-growing fortunes into its K-12 education system in exchange for steadily worse results. Public schools haven't changed much from the late 19th century industrial model and as a result young Americans are left increasingly unprepared for a competitive global economy. At the same time, Americans are spending more than they can afford on higher education, driven by the kind of cheap credit that fueled the housing bubble. With college graduates unable to secure employment or pay off student loans, the real-world value of a traditional college education is in question.
In The New School, Glenn Harlan Reynolds explains how parents, students and educators can, and must, reclaim and remake American education. Already, Reynolds explains, many Americans are abandoning traditional education for new models. Many are going to charter schools or private schools, but others are going another step beyond and making the leap to online education—over 1.8 million K-12 students already.
The New School does not prescribe a one-size-fits-all solution for education. Americans require a diverse system of innovative approaches—each suited to a family’s needs and spending potential. But with the profusion of online education, school choice, and even a return to alternatives like apprenticeships and on the job training, Americans hold the power to lower costs and improve outcomes from the ground up.
The German Model is running out of steam. Both America's college and university system, and its K-12 education system, were originally created based on German approaches in the 19th century. Now that it's the 21st century, Glenn Harlan Reynolds suggests, it's time for a change.
Higher education in America is facing a bust much like the housing bubble. It is the product of cheap credit, coupled with popular expectations of ever-increasing returns on investment and, as with housing prices, the cheap credit has caused college tuitions to vastly outpace inflation and family incomes. Now this bubble is bursting. Reynolds explains the causes and effects of this bubble and the steps colleges and universities must take to ensure their survival. As students become less willing to incur debt for education, colleges and universities will have to adapt to a new world of cost pressures and declining public support.
Economist Herb Stein famously said that something that can't go on forever, won't. For decades now, America has been putting ever-growing amounts of money into its K-12 education system, while getting steadily poorer results. Now parents are losing faith in public schools, new alternatives are appearing, and change is on the way. As the best students abandon traditional public schools, "The New School" provides a succinct description of what's wrong, and where the solutions are likely to appear, along with advice for parents, educators, and taxpayers.
