[quote=earlyretirement]
It just seems like a vicious circle that will be difficult to break unless there are some serious changes in the system. As you mentioned EconProf, there doesn’t seem to be any incentive for most of the players to want to change the status quo. The banks, Universities/schools, teachers, etc. all have an incentive to keep this going on.[/quote]
The youth and/or the business innovators of this country are the only ones that can break the cycle. The youth can refuse to go to college or select inexpensive options. The business leaders of this community can stop taking the easy way out in selecting candidates and base it on what you know rather than the piece of paper you have. A degree requirement is just an easy way of weeding out a flood of applications. Business leaders should create online applications that test the ability to solve the problems of the business. The cheaters can be weeded out in the interview process.
MOOCs are a cheap way to learn the content. We just have to get the business community to accept them the same way they accept accredited universities.
