There are a few areas, especially in America, where we see prices continually rising decade after decade. The Big 3 are going to be reviewed in this series.
In this video I discuss how upper level education is not teched out and is basically the same as 100 years ago. This is going to change and rapidly.
Check it out to see how.
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Summary:
In this video, the speaker discusses the concept of exponential deflation, focusing on how technological innovations have not yet impacted three key areas: upper-level education, construction, and healthcare. The speaker delves into the issue of rising costs in education, the burden of student debt, and the perceived lack of value in certain degrees. There is a shift towards online education and the use of technology like virtual reality for training, with predictions of traditional institutions facing challenges in the next decade due to the changing landscape of education.
Detailed Article:
The video starts with the speaker highlighting three industries that have not been significantly impacted by technological advancements: upper-level education, construction, and healthcare. He then zooms in on the area of upper level education, particularly in the United States, where he notes a staggering increase in the cost of education that far surpasses the general inflation rate. The speaker emphasizes the issue of high student debt levels post-graduation, coupled with a growing perception that many degrees are of little value in the job market.
He specifically calls out degrees in areas like ancient Irish poetry, Roman history, art, and theater as having limited job prospects, contrasting them with more practical fields like physics, engineering, and accounting. The speaker criticizes the traditional four-year college model, emphasizing the mismatch between the cost of education and the actual job opportunities available to graduates. He predicts a decline in traditional educational institutions, especially second-tier colleges, as online education offerings become more aligned with industry needs and cost-effective, leveraging the profit potential of reduced overhead for online colleges.
The speaker discusses the shift towards online training in the business world, reflecting on his own experience of transitioning from in-person to online training modules. He highlights the advancements in computing and graphics that enable more immersive online training experiences, noting the potential for virtual reality to revolutionize education by simulating hands-on experiences traditionally conducted in physical settings. He gives an example of an institution that no longer needs cadavers for training students in anatomy, indicating a direction towards virtual reality-based medical training and surgeries.
The video concludes with the speaker forecasting significant upheaval in the field of upper-level education over the next decade, with traditional institutions facing challenges as online education platforms tailor their offerings to meet industry demands and reduce costs. The speaker's overarching message is that the educational system, particularly at higher levels, is on the brink of transformation due to technological innovations, changing skill demands in the job market, and the increasing appeal of cost-effective, tailored online education programs.