The real economics of massive online courses (essay) | Inside Higher Ed - 2 views
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Is there a model out there, or an institution/student mix that could effectively utilize MOOCs in such a way as to get around this flaw? It’s hard to tell. Recent articles on Inside Higher Ed have suggested that distance education providers (like the University of Maryland’s University College – UMUC) may opt to certify the MOOCs that come out of these elite schools and bake them into their own online programs. Others suggest that MOOCs could be certified by other schools and embedded in prior learning portfolios.
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The fatal flaw that I referred to earlier is pretty apparent: the very notions of "mass, open" and selectivity just don’t lend themselves to a workable model that benefits both institutions and students. Our higher education system needs MOOCs to provide credentials in order for students to find it worthwhile to invest the effort, yet colleges can’t afford to provide MOOC credentials without sacrificing prestige, giving up control of the quality of the students who take their courses and running the risk of eventually diluting the value of their education brand in the eyes of the labor market.
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In other words, as economists tell us, students themselves are an important input to education. The fact that no school uses a lottery system to determine who gets in means that determining who gets in matters a great deal to these schools, because it helps them control quality and head off the adverse effects of unqualified students either dropping out or performing poorly in career positions. For individual institutions, obtaining high quality inputs works to optimize the school’s objective function, which is maximizing prestige.
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