University education is at the brink of radical transformation. The revolution is already happening and the Khan Academy, Udacity, Coursera and the Marginal Revolution University are just the harbingers of a change that will soon sweep over universities throughout the world. Alex Tabarrok has a must-read piece on the coming revolution in education here. The entire piece is highly recommended, so I am not gonna even try to summarize it here, but this part stands out: Teaching today is like a stage play. A play can be seen by at most a few hundred people at a single sitting and it takes as much labor to produce the 100th viewing as it does to produce the first. As a result, plays are expensive. Online education makes teaching more like a movie. Movies can be seen by millions and the cost per viewer declines with more viewers. Now consider quality. The average movie actor is a better actor than the average stage actor. As a result, Tabarrok predicts that the market for teachers will became a winner-take-all market with very big payments at the top: the best teachers would be followed by millions and paid accordingly. My prediction is that the revolution in education will also lead to greater specialization – maybe you can’t be the best Development Economics teacher, but you can be the best teacher on XIXth Century Agricultural Development in South-East Denmark: economies of scale brought by online education can make such uber-specialization of teaching portfolios profitable (or, indeed necessary). Surprisingly or…
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