The economic value of going to university is not declining

University funding isn't working I am not sure David Willetts is right. For me the figures can support the argument that we have too many Universities and too many undergraduates and post graduates and that a partial "market economy" in the sector is not working. Graduates replacing less qualified workers by reducing their cost of labour implies that some graduates cannot command as high salaries as previously. The return, for them and the taxpayer, on the cost paid for their graduate education has declined. Productivity has worsened, we are getting less from our investment. In a market economy the price of education should be coming down. But it remains the same. The tax payer ( and the student with loans) is disadvantaged.