I must first of all thank Stephen Downes for his truly excellent post on the Monkeysphere Ideology. It is a profound and insightful analysis of some unhealthy fundamentals in society, of which this banking crisis is perhaps just a single symptom. This post is about how the education sector perhaps is suffering the same symptoms, and so might actually be headed for a similar meltdown.

Fail
It is argued that the financial crisis is one of destructive incentives, and hyperinflation of quality ratings, that lead to a massive over-investment in what turned out to be worthless assets. A truly horrific oversimplification, but it will do for the purposes of this post. Higher Education also rates it’s products, and ironically it is a credit rating system. Attainment in the UK is measured in academic credit on levels 4 (first year undergraduate) to 8 (doctorate). Credit on these levels is highly valued, and often seen as key to successful participation in the modern information society. As a result there is a dramatic effort to widen participation in an attempt to get up to 40% of the population equiped with a level 4 qualification or higher. And in a similar way to how mortgages were handed out without ensuring clients had sufficient capital and earnings for repayment, we are now handing out academic credit without ensuring that when we hand it out, it represents adequate intellectual capital.
There is no need for this, as my case certainly doesn’t revolve around some elitist notion that the majority of the population is fundamentally incapable of learning and functioning on this level. The problem is that we are being given the wrong incentives. We are incentivized to pass, preferably with a first. Our funding, and our ranking in league-tables depends on it. And slowly but surely, this erosion is also eroding the value of Higher Education. And unfortunately, it erodes the value of all degrees, just as the credit crisis is devaluing all our houses, regardless of our credit-worthiness. And with the value of qualifications diminishing, and their cost increasing, inevitably the time will come that this eroded qualification is no longer worth the inflated tuition fee that is being asked for it.
The key for recovery to me is failure. We should be allowed to fail, learn from that failure, and let a phoenix arise from it’s ashes. We seem to have missed the point that success is a value that is relative, relative to failure. We forget that the greatest of successes have often come from strings of failures. Who knows what great innovative company might arise from the ashes of a bankrupt General Motors, but we will probably never know. Just like we will never know how great some of our students might have been after overcoming criticism, setbacks and failure, because in stead we have sent them away with only a marginal and ever decreasing successes. Failure is the foundation of greatness, and we need to learn to embrace it.
