George “College Is Oversold” Leef might be particularly interested in the latest Ideas Matter update from Max Borders, which highlights Thomas Sowell’s views on the topic.

Thomas Sowell argues that formal education is not for everyone. By contrast, President Obama thinks everybody should go to college. Presidential candidate Rick Santorum suggested Obama’s proposal* is a species of “elitist snobbery”. Santorum wasn’t being very tactful. But he was probably right — at least if we believe Tom Sowell. Indeed, a lot of smart people are starting to see that higher education is the next bubble — a bubble that any “college for all” policy would only blow up more. …

… We’re witnessing a transformation in progress. People are turning to a functional view of education (rather than a signaling view). The more we create parallel standards for signaling what we can do, the less higher education in its current form will mean to people. (And that’s a good thing.)

Higher education looks a lot like a cartel. And, of course, that cartel benefits from more customers — whether or not those customers actually need the hash the cartel is slinging. (Often they don’t. Why else would the government get more involved?)