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Assignment no. 2
Q.1 Explain with specific example the relationship of higher education with
employment situation in the developing countries.
Higher education frequently makes the news these days, and most of the news is bad.
A new report says enrollments continue to decline. That's not surprising given rising
tuition costs, mounting student debt, and emerging alternatives to college promising
quicker and cheaper pathways to careers. The pandemic didn't help, either.
Colleges have created an unstable financial model, and dozens have closed in recent
years. Faculty are burned out and leaving. Politicians are meddling in higher
education's business. A sensationalized scandal exposed hidden backdoors reserved for
the wealthy. A skeptical public seeks greater transparency around admissions and
finances.
Never before have colleges faced such stiff headwinds. Is this convergence of
circumstances a temporary situation, or has higher education reached a tipping point
beyond which lies a dangerous precipice?
Perhaps the most distressing trend is that fewer people want what higher education
offers. A recently released report from the National Student Clearinghouse Research
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Center shows that total enrollment for spring 2022 was down 4.1% — 685,000
students — compared to spring 2021.
This dip continues a trajectory dating back to 2011. Since then, enrollment has
declined by 12.3%. Yes, the pandemic accelerated this trend: From 2019-2021,
undergraduate enrollment dropped 6.6%, losing about a million students. Community
colleges were hit especially hard, experiencing a 13% decline during that period.
They now constitute 41% of students, an all-time low. From fall 2019 to fall 2020, the
drop in enrollment of first-time male students was seven times greater than that for
female students. Theories abound as to what's causing this phenomenon, one being
that young men are becoming more attracted to careers in trades that don't require a
college degree.
And if all that's not depressing enough, bear in mind we're headed toward a
demographic cliff that threatens to tank enrollments even further. Thanks to a lower
birth rate during the Great Recession, the population of prospective students will
decrease around 2025, at which point prognosticators are projecting an additional 15%
drop in new college enrollments.
Another factor driving would-be students away is rising costs. Since 1980, the cost of
full-time attendance at a four-year college has risen more than 180%. At public four-
year schools, tuition increases have outpaced inflation by 171% over the past 20 years.
It's not just tuition. Room and board charges have also risen dramatically.
Instead of curbing costs, many colleges are instead discounting tuition — returning a
portion of each tuition dollar in the form of financial aid. A National Association of
College and University Business Officers (NACUBO) study revealed that among
private universities, the discount rate for first-time undergraduates reached a record-
high 54.5% in 2021-22. This figure has grown almost 10 percentage points over the
last decade.
Private colleges are returning to students more tuition income than they're keeping.
That means they increasingly have to do more — or at least the same — with less. It's
an unstable model trending in the wrong direction.
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Even with such discounts, many families, especially those on the low-income end of
the economic spectrum, find traditional higher education is no longer a viable option.
Those who do choose to attend are taking on more and more debt. Since 1970, the
average student loan debt has mushroomed by an astounding 2,807%. Even adjusting
for inflation, that figure is 317%.
All told, some 44 million Americans owe more than $1.7 trillion in student loans.
Graduating with an average debt balance of more than $37,000 financially cripples
young Americans hoping to buy a home, get married, and raise a family. The Biden
administration has floated the idea of erasing $10,000 in student loan debt for eligible
graduates, which will help but not address the crux of the matter — the high cost of
college.
In fact, a recent NPR poll showed that the majority of Americans want the government
to prioritize reining in college costs over forgiving loan debt.
Take bootcamps, for example. Those looking to get into computer coding don't have to
spend four years in college and pay four years of tuition. They can grab a certificate in
a few months, spending roughly $13,500. Salaries are generally good, offering a solid
return on investment. And placement rates rival or exceed those of top traditional
universities.
Major employers such as Google and Microsoft offer their own in-house certifications.
Students can earn a Google certificate in six months, becoming a data analyst or UX
designer making more than $60,000 a year. Kent Walker, Google's senior vice
president of global affairs, said the company considers these certificates equal to a
four-year college degree in the hiring process.
Additional pathways include apprenticeship programs and trade schools for entry into
fields such as healthcare, information technology, cybersecurity, hospitality, law
enforcement, financial services, and graphic design.
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All of these options offer a quicker and cheaper path to good careers. A burgeoning
generation of "new collar" workers equipped with alternative, marketable credentials
have discovered that college is no longer the only point of entry into the job market.
Given the high-cost, high-discount financial model, sagging enrollments, and cheaper
alternatives, it's no wonder so many colleges are closing their doors, some after
hundreds of years of operation.
Over the last six years, 70 colleges have closed or merged with other institutions. Most
of these were private colleges with low enrollments and modest endowments. For
many, the pandemic pushed them over the financial cliff, but they were inexorably
heading in that direction anyway.
Colleges in the Northeast and Midwest, where populations have been shrinking for
some time, are especially vulnerable. The demographic downturn expected after 2025
doesn't bode well for institutions in those regions.
Q.2 Explain the concept of economics of higher education in Pakistan. What are
different ways of financing higher education in Pakistan.
Pakistan’s expenditure on higher education earmarked for the financial year 2018-19
was 2.4 percent of the GDP, the lowest in the region. The government has slashed the
overall budget on education by around 20 percent and allocated Rs 20.64 billion for
the higher education commission against its demand of Rs 55 billion which is a more
than 50 percent cut.
The reduction in the funds means that many and the ongoing research projects,
development schemes or scholarship programmes would be adversely affected and
may be stalled. As reported in some sections of the press, the universities have been
finding it hard to even pay the salaries for the month of December. If this situation is
not addressed on an urgent basis, the whole system will be paralysed.
Ironically, all this is happening under a government which made the promotion of all
tiers of education as the main plank of its electoral manifesto. The reasons why
slashing the educational budget by half may be considered as questionable are myriad.
However, one reason why slashing the educational budget by half must be considered
the “unkindest cut” of all is that education is the only hope of a poor person who can
expect to break out of the vicious circle of poverty through education. Moving up the
social ladder is relatively easier if one has higher education to one’s credit. The
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increasing frustration of many young individuals who supported the current regime
because it promised to break the status quo is understandable.
There are arguments about efficiency and equity which highlight the crucial role of
higher education in national development. Globalisation and international trade require
countries to compete with one another. Successful countries hold a competitive
advantage over other countries.
Even as other factors have a definite role to play — such as geography and natural
resources — the difference in the skill levels of the workforce is the single most
important factor that distinguishes a developed from the developing economy. A
better-trained workforce creates spillovers in the economy and positive externalities.
All the companies in an economy may benefit from the externality of a large pool of
skilled labor force created by the promotion of higher education from which to hire
employees.
At an aggregate level, the public investment in education is justified by its returns like
any other investment. There are several ways to estimate the returns on education, but
two metrics are used frequently to measure how profitable the investment on education
is: private rates of return on education and social rates of return. The private rate of
returns to education is the increase in the earnings from an additional year of education
for an individual who makes the investment decision on education, while the social
rate of returns to education measures the increase in national income resulting from the
same year of education. It is often the social rate of return that provides a basis for
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government programmes, such as scholarships and education loans that are aimed at
increasing the levels of education.
In Pakistan, higher education has rarely received the attention it deserved until 2002
when the HEC was established. Under Prof Dr Atta-ur-Rahman it made significant
achievements within a limited time.
Over the years, the HEC has instituted major upgrades for scientific laboratories,
rehabilitated existing educational facilities, expanded the research support, and
overseen the development of one of the best digital libraries in the region.
The programme for establishing new universities of science and technology, including
science parks which have already attracted foreign investors, has proved the efficiency
and the long-term benefits of higher education in Pakistan.
Despite the spectacular gains made by the HEC initially, the momentum could not be
sustained after Dr Rahman left. An attempt to politicise the HEC under the PPP regime
dealt a major blow to its working and curtailed the financial autonomy of the regulator.
The detractors of the existing structure of the higher education base their criticism on
the ground that since the quality of higher education is “too poor,” current levels of
investment in the higher education system represent a waste of scarce resources. At
best, it is not an optimal investment.
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Secondly, the “poor” teaching standards of the faculty (a significant share of which is
foreign qualified) are used to justify only selective funding for the best and the
brightest individuals for pursuing their degrees at the best universities in the world.
While there is merit in the critique of the higher education standards in Pakistan, one
must realise that the higher education system evolves gradually even in the best of
circumstances. It requires sustained efforts over centuries before the full potential of
the higher educational institutions is realised.
It takes patience and determination before higher education begins to pay full
dividends. A big problem for the education system in Pakistan is that it has to operate
within the existing institutional arrangements. The role of academia-industry linkages
has often been emphasised, and the faculty members have been encouraged, even
forced, to look for such linkages.
The reality, however, is that we are far away from the situation where the industry is in
the mood for meaningfully engaging with the academia. While we might find some
examples of chambers of industry visiting the universities, it has been more of a
polemic rather than a real linkage between the industry and academia.
A paradigm shift in the HEC being advocated by some critics, roughly translates into a
dramatic decrease in the funding for the higher education, selective funding for a
limited number of individuals and reversing the PhD programmes in Pakistan because
of its “supposed” poor quality (which may not actually be the case because many
Pakistani universities have begun to move to respectably high places in international
university rankings) may be self-defeating. Though there are legitimate concerns about
the quality of higher education in Pakistan, reversing the growth in the higher
education would be disastrous.
Continuous assessment provides day-to-day feedback about the learning and teaching
process. Assessment can reinforce the efficacy of teaching and learning. It also
encourages the understanding of teaching as a formative process that evolves over time
with feedback and input from students. This creates good classroom rapport. Student
assessments are necessary because:
• Throughout a lesson or unit, the teacher might want to check for understanding
by using a formative assessment.
• Students who are experiencing difficulties in learning may benefit from the
administration of a diagnostic test, which will be able to detect learning issues
such as reading comprehension problems, an inability to remember written or
spoken words, hearing or speech difficulties, and problems with hand–eye
coordination.
• Teachers may also want to use informal assessment techniques. Using self-
assessment, students express what they think about their learning process and
what they should work on. Using peer assessment, students get information from
their classmates about what areas they should revise and what areas they’re good
at.
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Q.4 Critically discuss Quality and Access as to two problems in higher education.
Suggest some ways to address these problems.
Unlike Technology the higher education needs continuous up gradation. The issue of
better quality in higher education has been a great concern for all who are directly or
indirectly associated with the education and academic system. The reason is very
obvious since the higher education could not keep required pace with the changes in
technology, new trends of education system, occupational diversity, Global market
trends and so on. from time to time. Obviously, education system that could not serve
the needs and expected aspirations of the market is not received well and pose
questions on its efficiency and effectiveness.
Though the issue of quality in higher education is most talked about but it is equally
true that this issue is least understood in its true spirit. The different stakeholders viz.
students, teachers, academic institutions, regulatory bodies, professional, government,
market Pundits and others have their own perspective and gauge the quality of higher
education on different parameters in their own framework. In India, the graduates are
assumed as products where their career prospects depend on the very quality of
education they pursue. To ensure the degree of quality, we have two broad parameters
one, the accreditation of academic programs by the government agencies and others
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There is no meaning in discussing what has gone wrong with the quality in the past, let
us discuss few measures that help the quality of higher education where it becomes
conspicuous.
1. There is strong need for a clear demarcation among students if their preference is
just to gain a useful employment, give a practical shape to their start up idea or
strengthen the academic and research skills. The delivery mechanism and kind of
exposure necessarily have to match with the preferences to bring the excellence.
4. The most developed and advanced technology has changed the very shape of
academic environment, quality of teaching, nature of exposure etc. While, the teacher
teaches in class, the students have everything at their tab and at times, the students are
more updated than a teacher. The students prefer and are keen on learning evidenced
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based business practices. The students need to know and understand the concurrent
best business practices being followed across the globe.
5. The quality of teachers in general and higher education in particular has posed
serious challenges. The unregulated growth of higher education in India in the recent
two decades has had large ramifications. Many engineering and management institutes
have hired teachers at low cost overlooking the very quality of teacher.
8. Each institution needs to decide key performance indicators and benchmarks based
on specific quality parameters and work on it consciously. That becomes a roadmap
for all stakeholders.
9. New and changing trends in higher education across the Globe have to receive
priority and a careful evaluation to incorporate in the required quality parameters.
10. Last but not the least, the changing attitude and approach among students pursuing
higher degree call for a serious consideration as there seems to be a large deterioration
over the years. The kind of passion in learning and understanding lack in majority of
students.
Finally, the quality in higher education should infuse as self consciousness rather than
giving more thrust to merely complying with regulatory guidelines.
learning and can help individuals stay current with the changing demands of the
modern workplace. It can also help individuals develop new skills and knowledge that
can help them advance their careers.
For individuals, continuing education is important for a variety of reasons. It can help
individuals stay up-to-date on the latest information and technologies in their chosen
field, allowing them to remain competitive in the job market. It can also help
individuals develop new skills and knowledge that can help them advance their
careers. Additionally, continuing education can help individuals improve their
employability and career prospects, as employers often look for individuals with
higher levels of education and knowledge.
education also enables individuals to gain new perspectives and insights that can help
them to think more critically and to make better decisions.
Finally, continuing education is important for individuals because it can help them
explore new interests and hobbies. By taking classes and participating in workshops
and seminars, individuals can learn about topics that they may not have been aware of
previously. This can help individuals develop new passions and interests and even
open up the possibility of pursuing a career in a field they may not have considered
before.
In conclusion, continuing education is an important part of life for both society and
individuals. It helps to ensure that those in the workforce remain informed and up-to-
date on the latest information and technology. Additionally, it can help individuals
develop new skills and knowledge that can help them advance their careers and
achieve personal growth and development. Finally, it can help individuals explore new
interests and hobbies, providing them with the opportunity to pursue a career in a field
they may not have considered before.