Why The UK Graduate Job Market Has Gone to Fudge
When it comes to the job market and higher education, what creates value is simple supply and demand for labour skills, educational skills, and services.
(Here is the link behind the paywall link.)
If there is too much supply, the skill’s value in the job market will decrease.
Hence, UK graduates find getting well-paid jobs so hard because the point of going to university is to get highly skilled in a field, and they take those skills and apply them in a high-paid profession.
But society forgets that colleges and universities were designed for the second and third sons of the nobility and as a mechanism to train the clergy, not for 50% of people to have skills that are only effective in certain domains.
In the UK, the number of students who graduated from a university increased between 1950 and 1970.
Only about 3% of the cohort went to university at the beginning of this period, while about 8% did so in 1970 and about 19% in 1990.
However, the UK Labour Government’s target of 50% of people going to university, implemented in 1999, has been a disaster for young people who enter higher education and has destroyed their prospects.
