Friday, January 1, 2010

Creative Destruction Advances in Education: The Education Bubble Will Pop

Joseph Schumpeter taught us of “Creative Destruction.” He spoke of a process that:

 “….incessantly revolutionizes the economic structure from within, incessantly destroying the old one, incessantly creating a new one. This process of Creative Destruction is the essential fact about capitalism. (Excepted  from: Capitalism, Socialism, and Democracy (1942, p. 83)

As an economist I am always mindful of this idea. I see all around me things that have been rendered obsolete by “creative destruction.” I don’t listen to music on a record player or an 8-track, for example. I will stop there because I could go on and on.

An area that I see “creative destruction” taking hold is education. Education has never been delivered faster and cheaper than it has on the internet. You can go to college and grad school entirely online. You can broaden your horizons in ways you never imagined with the click of a mouse! This is changing education rapidly, especially in light of the fact that education costs continue to skyrocket, in spite of prices everywhere else depressing.  Students will seek out alternatives to the traditional academy mainly due to its heavy subsidization, and its ironclad marriage with the servitude of indebtedness. "Creative Destruction" might very well be the Education Bubble's pin!

Here are a few sites that I recommend checking out. They range from basic math, to classics taught at Yale.

Khan Academy: This site is absolutely astounding!

Yale Open Courseware:

University of Washington’s “OpenUW:”

1 comment:

Erika said...

I agree with you on internet education. An adult seeking a graduate degree, like you recently did, can get a good education in a cheaper and more timely manner online versus physically taking courses at a university.