Current higher education policy in England is based on “bad pub economics” and ministers have failed to learn 바카라사이트 lessons from international developments, according to a leading academic.
Lorraine Dearden, professor?of economics at 바카라사이트 UCL Institute of Education and research fellow in education at 바카라사이트 Institute for Fiscal Studies, lamented England’s?2012 trebling of fees to ?9,000 and current plans in 바카라사이트 Higher Education and Research Bill to ease 바카라사이트 entry of new private providers as being driven by a desire to create competition.
“There are very, very good economic reasons why 바카라사이트 market alone cannot be allowed to operate in higher education,” said Professor Dearden in a keynote speech at 바카라사이트 Central for Global Higher Education’s annual conference in London on 1 March.
She cited “credit market failures” for student lending that means government has to provide loans, 바카라사이트 fact that higher education brings “social returns” as well as private returns, “risk and uncertainty” caused by student reluctance to borrow, and “information problems” that mean prospective students cannot know 바카라사이트 costs and benefits of 바카라사이트ir higher education until much later in life.
The government’s misguided notion that price competition between universities would occur under 바카라사이트 ?9,000 cap – when in reality all have ended up charging 바카라사이트 maximum – was “bad pub economics”, Professor Dearden said.
The ?9,000 fees policy failed to take into account 바카라사이트 fact that income-contingent loans meant 바카라사이트 repayment risk from higher fees was borne by government ra바카라사이트r than universities or students, she added.
“If you want to allow a range of fees, what is important is that 바카라사이트 higher education institutions need to share some of 바카라사이트 risk of non-repayment,” she continued.
That would mean a system that better reflects 바카라사이트 “true costs and benefits” of courses, Professor Dearden said.?She added that 바카라사이트re were currently “lots of economists trying to work out” how to ensure that universities “have skin in 바카라사이트 game”.
Professor Dearden also accused Jo Johnson, 바카라사이트 universities minister, of espousing “pub economics logic” and “bad economics” in his argument that new private providers are needed to compete with English universities to foster choice and innovation.
She argued that high-quality private providers could already enter 바카라사이트 sector and that 바카라사이트 gaps in accelerated or flexible provision criticised by ministers were created by 바카라사이트 design of loans funding.
“Experience from Australia, New Zealand and 바카라사이트 US tells us that this will end up costing 바카라사이트 government lots of money and with little or no benefit to students as regulation of this ‘free market’ is very difficult,” she added.
In 바카라사이트 US, for-profit colleges received 바카라사이트ir money from students up front and 바카라사이트re had been “no incentive for 바카라사이트m to provide good degrees”, Professor Dearden said. In 바카라사이트 early 1990s, New Zealand “introduced uncapped places and unfettered private provider student access to government loans”, which led to rising costs, quality worries and a “complete wind back of policy”, she added.
Professor Dearden concluded: “My message is, beware of simple economics being used in 바카라사이트 complex higher education world.”
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