“DON’T FALL IN TRAP OF SCHOOLS GIVING USELESS DEGREES”- RBI GOVERNOR
While delivering a speech at the convocation ceremony of Shiv Nadar University, in New Delhi, Reserve Bank of India Governor Raghuram Rajan warned students about falling prey to schools giving out “useless degrees”.
The RBI governor started by saying and talking by two point of view first as a economist and second as a personal of view. He talked about education that is getting expensive time by time and efforts should be made to make degrees affordable to all deserving students.
One part of the solution is student loans, he said, adding, “We have to be careful that student loans are repaid in full by those who have the means, while they are forgiven in part for those who fall on bad times, or those who take low paying public service jobs.”
He further added that “We also should make sure that unscrupulous schools do not prey on uninformed students, leaving them with high debt and useless degrees.”
In his economist point of view he talked about points from the book (What Money Can’t Buy: The Moral Limits of the Market, by Michael Sandel, 2012, Allen Lane, London) The fundamental problem, though, is scarcity. We cannot accommodate everyone in the room who might have interest in a particularly important hearing. So we have to “sell” entry. He gives the example from the book.
He ends by saying “You have far more control over the journey you choose. And often the most enjoyable journeys are those where your goals are broader and where you take others with you, especially others who could not make it without your help. In doing so, you will make this world a better, and more stable, place.”