One of the ways of trying to reduce the vast disparities in economic success, which are common in countries around the world, is by making higher education more widely available, even for people without the money to pay for it.

This can be both a generous investment and a wise investment for a society to make. But, depending on how it is done, it can also be a foolish and even dangerous investment, as many societies around the world have learned the hard way.

When institutions of higher learning turn out highly qualified doctors, scientists, engineers and others with skills that can raise the standard of living of a whole society and make possible a better and longer life, the benefits are obvious.

What is not so obvious, but is painfully true nonetheless, is that colleges and universities can also turn out vast numbers of people with credentials, but with no marketable skills with which to fulfill their expectations. There is nothing magic about simply being in ivy-covered buildings for four years.

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Thomas Sowell (photo)