In this case, though, the "product that [was] being sold" that made these students originally go to school, is employment—or rather, a proxy signal for employability that the consumers of the product hope will get them employment. People consume education when they can't find a job, in the hopes that they'll become more employable, even though this makes the problem of their unemployment more dire rather than less (because it adds debt.)
It's sort of like taking stimulants when you're hungry.
> people consume education when they can't find a job
I think many of our youth are "consuming" higher education because that's what they're expected to do.
> it's sort of like taking stimulants when you're hungry
I'd say it's more like teaching someone how to swim by tossing them off a boat, but with life preservers so they kinda squirm around and do alright but they ain't really swimmin
I agree with that... however, there are a lot of people studying programs that are overloaded. Let's say there's 100 positions for Foo Studies program majors, but 10000 people get Foo Studies degrees each year. How many of those people will find jobs in their field? How many will wind up in jobs not paying enough to cover cost of living + student loan repayment? Who is responsible for not understanding that a Foo Studies degree will not get them where they need to be? And even when they can get into their chosen field, because there's so much excess supply the actual job pays even less.
Recessions are cyclical though, so it seems a rational decision to go to school during a recession as an investment towards greater employability, if one is unable to find a job, to take better advantage when the economy turns positive again.
It's sort of like taking stimulants when you're hungry.