Here is an excerpt:
Before we start, it’s important to stipulate that the industry’s failings are systemic, and do not reflect the positive intentions and efforts of those working in higher education, any more than the systemic failures of U.S. healthcare reflect the good intentions and efforts of those employed in that industry. Despite the good intentions and hard work of individuals, these systems are broken.
Due to their size and structure, large systems such as national defense, healthcare and education limit the impact of individual initiative. This has several consequences. One is that individuals feel powerless to change the system and so they relinquish responsibility for changing it. As Voltaire observed, “No snowflake in an avalanche ever feels responsible.” A second consequence is psychological. Even if the system is visibly flawed or failing, insiders feel obligated to defend the system and their role in it, for two compelling reasons: self-preservation and the psychological need to believe in the value of one’s place in the institution.
In other words, don’t expect that anyone who derives their livelihood from the education system to be able to fix the problem. In my view, however, when the education bubble pops, then the broken system will experience creative destruction but only by necessity.