The Economist believes it, so now it must be official: higher education will be transformed in the coming decades. Their Business Insider blog attributes this revolution to three trends:
On one front, a funding crisis has created a shortfall that the universities’ brightest brains are struggling to solve. Institutions’ costs are rising, owing to pricey investments in technology, teachers’ salaries and galloping administrative costs. . . .
At the same time, a technological revolution is challenging higher education’s business model. An explosion in online learning, much of it free, means that the knowledge once imparted to a lucky few has been released to anyone with a smartphone or laptop.
These financial and technological disruptions coincide with a third great change: whereas universities used to educate only a tiny elite, they are now responsible for training and retraining workers throughout their careers. How will they survive this storm — and what will emerge in their place if they don’t?