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I will say college need to adapt and change to new tech and teaching methods. Classes are taught the same now as when my grandparents went to college (well if they went to college). My masters is in higher education, and I would for colleges and universities for 10 yrs and I will say college is not for everyone. LeBron James would not have been a better basketball player if he went to college. The best reasons to go are not necessarily in the classroom.
Reed College at that time offered perhaps the best calligraphy instruction in the country. Throughout the campus every poster, every label on every drawer, was beautifully hand calligraphed. Because I had dropped out and didn't have to take the normal classes, I decided to take a calligraphy class to learn how to do this. I learned about serif and san serif typefaces, about varying the amount of space between different letter combinations, about what makes great typography great. It was beautiful, historical, artistically subtle in a way that science can't capture, and I found it fascinating.
None of this had even a hope of any practical application in my life. But ten years later, when we were designing the first Macintosh computer, it all came back to me. And we designed it all into the Mac. It was the first computer with beautiful typography. If I had never dropped in on that single course in college, the Mac would have never had multiple typefaces or proportionally spaced fonts. And since Windows just copied the Mac, its likely that no personal computer would have them. If I had never dropped out, I would have never dropped in on this calligraphy class, and personal computers might not have the wonderful typography that they do. Of course it was impossible to connect the dots looking forward when I was in college. But it was very, very clear looking backwards ten years later.
Now some may say that Jobs had this opportunity because he dropped out of college, but I submit that he never would have had that opportunity if he had never enrolled in college in the first place.
I think the meaning of education is the issue here. I agree with you to an extent. I think the whole understanding of university (universitas=the whole, total) is lost today and college is just seen as means to the end of working. But for centuries university, and education, meant an introduction to all of reality, those years that one can ask the greatest questions of life(why are we here in the first place?eg), in other words, a time of freedom thats not utilitarian. As a liberal arts major, I experienced this freedom for 4 years and read some of the greatest books, had some of the best conversations with the greatest minds Id ever come across, about history, philosophy, culture, literature, politics, ethics...and what it has to do with us today. In this sense I feel like it was well worth it. Has that helped me get a job? Teaching yes. Real estate not really. But here I am, busy as hell in real estate. Point: life is not all work and money
"Professor Rebecca Henderson at MIT's Sloan School shows how easily we succumb to the temptation to "explain" seemingly significant outcomes that are entirely random. "I begin my course in strategic management by asking all the students in the room to stand up," she says. "I then ask each of them to toss a coin. If the toss comes up tails, they are to sit down, but if it comes up heads, they are to remain standing. Since there are around 70 students in the class, after six or seven rounds there is only one student left standing. With the appropriate theatrics, I approach the student and say, 'How did you do that? Seven heads in a row! Can I interview you in Fortune? Is it the T-shirt? Is it the flick of the wrist? Can I write a case study about you?'"" -HBR via Knowledge Jolt with Jack