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Higher education, Fallis insists, has the responsibility to serve not just as a source of economic growth, but as society’s critic and conscience.

As the world indulged in a bubble of false prosperity and excessive materialism, should universities — in their research, teaching and writing — have made greater efforts to expose the patterns of risk and denial? Should universities have presented a firmer counterweight to economic irresponsibility? Have universities become too captive to the immediate and worldly purposes they serve? Has the market model become the fundamental and defining identity of higher education?

It tracked top high-school students through their 30s and found that their alma maters had little impact on their earnings.

College can’t guarantee anybody a good life,