Question

The inflation-corrected price of cars has gone up over time. But cars purchased today are quite different than those purchased thirty years ago. In particular, todays cars are much safer to drive because they have multiple airbags and more crash-resistant engineering. Additionally, they have sophisticated GPS systems. Consequently, if we correct our price statistics relating to automobiles to include the value of improvements in quality, the implied inflation-corrected price has not gone up as much as we think. Can the same arguement apply to the inflation-corrected increase in the price of a college education? why or why not?

Answer 1

The same statement can be used. The price rise in university education is higher than the inflation level of goods or services over the years corrected by Inflati Dn. Yet there is a huge gap between today's curriculum and education system in about 40 years. While students have not changed a lot since recent years to learn new stuff and to plan features after college, students now have a wide variety of courses and research courses to choose from. The use of modern technologies, approaches, strategies and teaching techniques has also changed a great deal.
If we look at college education as being taught over the years, we will find that little or no improvement in research material has taken place, but the way we teach has certainly changed. Through greater involvement in the education system, teachers and students have developed expertise and abilities over time. Such expertise can be used to bring about bigger things in life, such as growth, discovery, creativity and so on. Yet, because of lack of ability, in the past each and every student did not make such progress.
Considering education in the aforementioned context, we can infer that there has been a lot of change in the importance of increased standard of education. In this case, there has been no rise in the implied inflation-corrected price.