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What makes you think it's a bubble? Just because something is unpleasant, or even outright evil doesn't make it a bubble.

Perhaps at some point an equilibrium is reached where these institutions extract exactly as much as the degree is worth, minus the little bit left that will incentivize people to take the deal. After all, the 'value' of these degrees has only gone up. Overproduced malthusian elitehood[0] has to be better than starving with the unnecessariat[1], maybe[2].

We are after all already at the near-apocalyptic scenario. Economically disenfranchised liberal arts graduates are roaming the earth and using the only skills they have to extract resources from the environment. In practice this amounts to a sort of Trust Me I'm Lying dystopia of manufacturing outrage with one hand and selling solutions on the other.

For calibration, many students in the UK have turned to literal prostitution[3].

[0]: https://nationalpost.com/news/world/jonathan-kay-on-the-tyra...

[1]: https://morecrows.wordpress.com/2016/05/10/unnecessariat/

[2]: https://berthamasonsattic.wordpress.com/2018/10/12/i-applied...

[3]: https://www.independent.co.uk/news/education/education-news/...

Anything that grows exponentially is a bubble.

The only question is when it stops growing because it has run out of space.

A simple example is that if Caesar had invested one gram of gold after the conquest of Gaul at 3% compound interest today it would be worth 2.64e24 dollars. Or a trillion times larger than the world economy today.

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