Yesterday's book event at Cato was great fun. Though I had a chance to respond to Carey in person, here's a more complete version of my reaction to his critique.1. I'm puzzled by Carey's claim that colleges are exercising some kind of "monopoly." There's a vast decentralized education system in the U.S. While people feel a lot of pressure to go to college somewhere, that hardly means that the system is anything other than competitive. By analogy, does it makes sense to say that "Farming is monopolized" just because everyone needs to eat something?2. I definitely agree that schools could spend taxpayer dollars far more wisely. I just think it's highly unlikely. Due to Social Desirability Bias,
Bryan Caplan considers the following as important: Economics of Education
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