Picture the 1930s economic slump, absent Keynes’s challenge to prevailing thought. Classical economists were stuck with the mindset that laissez-faire would ultimately produce a recovery. Keynes confronted this consensus, demonstrating that – in the circumstances of the era – government intervention was indispensable, and so rescued a beleaguered economy. As he explained in the preface to his General Theory:
The difficulty lies, not in the new ideas, but in escaping from the old ones.
While UK higher education is currently buoyed up by international demand, there’s a disquieting undercurrent of pessimistic sentiment, similar to the mood of the 1920s and the fin de siècle apprehension of the late 19th century, which fears prosperity may be nearing its end. This mood is evidenced by the recent surge of articles and consultations on the topic of university funding and regulation. Notable examples include Justine Greening’s call for a graduate tax, Minouche Shafik’s appeal for a new review, Universities UK’s national conversation, The Economist’s headline ‘Useless Studies’, the joint call from four higher education groups for an inquiry into the Office for Students and the compelling witness evidence presented during the ensuing investigation.
