Coronavirus pandemic has prompted a shift to online learning, raising questions about how we value education
- Many feel online education should be cheaper than in-person classes. However, how people price goods and services is not entirely objective
- The recent widespread adoption of e-learning should prompt reflection on the value of education and whether Hong Kong’s focus on exams is justified
“If a regular book is worth HK$100, how much would you pay for the equivalent e-book?” I ask undergraduates and MBA students this question in my introductory marketing classes at the beginning of the session on pricing.
Responses usually settle at around HK$20, an imputed value that is 80 per cent lower. A little probing reveals that the underlying reasons mostly relate to manufacturing, transport and storage costs.
I then ask whether they would prefer a regular book or an e-book, and why. Most students usually prefer e-books, because of convenience, ease of storage and sustainability.
I then ask, “If an e-book offers all these different advantages, why are you only willing to pay a fraction of the price?” They realise that their price quotes were anchored not in the core value of the book and its content, but on peripheral benefits – bells and whistles.
Students who prefer hard-copy books also realise that their stated reasons – the heft of a volume, the feel and smell of the pages – also relate to bells and whistles. No one really knows how they value the essence of the book.
However, for every such comment, I have heard its opposite and more. Indeed, many students have reported that they are interacting more in class than ever before.
Not only is it easier for a hesitant student to communicate using text, they now see professors up close and personal rather than at a distance of 20 metres and over the backs of multiple heads, and this is a generation that likes communicating through screens.
Happily, over these past three months, I have also witnessed several colleagues move from “that was better than I had feared”, in February, to “I am really enjoying this”, of late.
Nevertheless, while I have been awed by the recent outpouring of cooperation and mutual support among educators worldwide, the jury is out on the relative effectiveness of online classes, done properly.
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When the dust settles, we need to preserve what is good about the online format, recognising that the traditional mode of classroom instruction and closed-book exams was designed more for efficiency and crowd-control than for pedagogical effectiveness.
These comparisons miss the deeper point. Pricing is inherently a strange process. It relies on the concept of money, which in turn relies on the notion of utility, neither of which maps reliably onto any human fundamentals.
We can ask a similar question about education. A two-year degree should cost more than a one-year degree, but why do people need an education at all? What is the core value here? Recently, on a Friday evening Zoom hang-out with friends, I mooted the idea of abolishing grades entirely.
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I am a university professor, but my identity is indelibly stamped by my alma maters, not my employer. I will remain a graduate of those institutions for life, and the fact that they attract and graduate excellent students has a continuing positive effect on the value of my past education. If they were to discount themselves into retrenchment and oblivion, I would suffer.
There is a deeper implication for society as well. In an age of design thinking and wicked problems (problems that are difficult or impossible to solve because of the many interconnected factors involved), education is not so much a certification of knowledge acquired as a journey of self-discovery with an appreciation of how to keep evolving. In today’s context, EQ (emotional quotient) is as important as IQ (intelligence quotient), if not more so.
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Education – be it in appreciating literature, the beauty of the natural world or the trajectory of an MBA case discussion – teaches us to open, reassess and change our minds. There can be no discourse, and no social progress, unless people know how to change their minds.
However, cutting the price of education signals a possibly irreversible discounting of its value – a process that has already begun. As a society, we must push our universities to teach our children how to change their minds. For, in the final analysis, the education we get is the education we pay for.
Anirban Mukhopadhyay is the editor-in-chief of the Journal of Consumer Psychology, and Associate Dean for Undergraduate Studies, and Lifestyle International Professor of Business at the Hong Kong University of Science and Technology
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