Graduate School Bubbles Bursting Across all Professions?
Graduate School Bubbles Bursting Across all Professions? One of my colleagues forwarded this story appearing in The New England Journal of Medicine . The story provides an answer to the following question: "Are we in a medical education bubble market?" The authors answer that question in the last paragraph of the story and suggest a difficult future for other professional schools. Although it seems unlikely that we're in a bubble market for medical education, we may already be in one for veterinary medicine. That bubble will burst when potential students recognize that the costs of training aren't matched by later returns. Then the optometry bubble may burst, followed by the pharmacy and dentistry bubbles. At the extreme, we will march down the debt-to-income-ratio ladder, through psychiatrists to cardiologists to orthopedists . . . until no one is left but the MBAs. It explains: In medicine, students buy their education from medical schools an