Good old supply and demand still has a lot to teach us, even about labor markets 😱
The education product is not monolithic, and is not bachelor degree oriented. A surplus of, let’s say Sociology degrees drives down starting salaries and inspires degree compression with advanced degrees loading more debt. Whereas scarcity of IT degrees keep salaries high as employer struggle to meet their needs. Treating education in a global sense oversimplifies the complexity of human capital supply and improvement.
Pedantic perhaps, but why not use i.e. rather than aka? Otherwise interesting article - I’m not sure that realism is any better than tractability in terms of either descriptive or predictive power, so the simpler the better.