Why College Degrees Are Losing Their Value大學學位為何貶值？

The signaling function of college degrees may have beendistorted by the phenomenon known as credential inflation. 所謂的“證書通脹”現(xiàn)象或已扭曲大學學位的“信號功能”。

The concept of inflation applies to other goods besides money. Inflation is related to the Law of Supply and Demand. As the supply of a commodity increases， the value decreases. Conversely， as the commodity becomes more scarce， its value increases. This same concept is also applicable to tangible items such as vintage baseball cards and rare art. These are rare commodities that cannot be authentically replicated and therefore command1 a high value on the market. On the other hand， mass-produced rookie cards2 and replications of Monet’s work are plentiful. As a result， they yield little value on the market.

通貨膨脹的概念也適用于貨幣之外的其他商品。（剩余6257字）