largeThe cover story in the latest issue of The Atlantic asks “Is College Doomed?” It’s a question that ought not surprise anyone who has read this forum’s frequent discussions of a higher education bubble.

Graeme Wood’s article starts with a description of the Minerva Project, a new technology-based higher education venture launched by 39-year-old entrepreneur Ben Nelson.

Nelson’s long-term goal for Minerva is to radically remake one of the most sclerotic sectors of the U.S. economy, one so shielded from the need for improvement that its biggest innovation in the past 30 years has been to double its costs and hire more administrators at higher salaries.

The paradox of undergraduate education in the United States is that it is the envy of the world, but also tremendously beleaguered. In that way it resembles the U.S. health-care sector. Both carry price tags that shock the conscience of citizens of other developed countries. They’re both tied up inextricably with government, through student loans and federal research funding or through Medicare. But if you can afford the Mayo Clinic, the United States is the best place in the world to get sick. And if you get a scholarship to Stanford, you should take it, and turn down offers from even the best universities in Europe, Australia, or Japan. (Most likely, though, you won’t get that scholarship. The average U.S. college graduate in 2014 carried $33,000 of debt.)

Financial dysfunction is only the most obvious way in which higher education is troubled. In the past half millennium, the technology of learning has hardly budged. The easiest way to picture what a university looked like 500 years ago is to go to any large university today, walk into a lecture hall, and imagine the professor speaking Latin and wearing a monk’s cowl. The most common class format is still a professor standing in front of a group of students and talking. And even though we’ve subjected students to lectures for hundreds of years, we have no evidence that they are a good way to teach. (One educational psychologist, Ludy Benjamin, likens lectures to Velveeta cheese—something lots of people consume but no one considers either delicious or nourishing.)