Room at the Top

📖 The Scoop

In this way, the proposed system would incorporate the much-vaunted benefits of the "single-payer" approach that generates such efficiencies for our public health system, and yet at the same time open up the "market" for graduate education and thus serve the goals of more and better schooling with improved efficiency. [...] The Cost of Expanding Graduate Education Before we turn to discussions of policy mechanisms for increasing the number of students pursuing advanced degrees, it is worth stopping to consider the size of the sector we are discussing and the likely financial cost of expanding it. [...] In particular, it emphasizes the importance of the supply side of the system as much as the demand side - in other words, the need not only to encourage students to pursue graduate studies, but to ensure there are enough places for them. [...] When unemployment declines, for example, the demand for postsecondary education tends to decrease, since the opportunity cost of going to school in terms of the alternative uses of individuals' time (earning money in a job) falls, and this dynamic appears to hold at the graduate level as elsewhere.4 3 It is important to recognize that the private returns to graduate education, at the PhD level in [...] The Nature of the Educational Experience Another set of factors that determine the demand for graduate education pertains to the quality of the programs offered.

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