I'm surprised there isn't more discussion here about ways to educate people cheaply and efficiently, more discussion of supply pricing.
It may be a bad deal to obtain the knowledge required for a degree in Anthropology @ $150,000, but maybe it's a great deal to obtain the knowledge required for a degree in Anthropology @ $15,000.
We have public funding of higher education because a better educated populace is a better democracy and a better public.
It's an intrinsic value.
See also: http://www.salon.com/2014/06/08/colleges_are_full_of_it_behi...
https://hbr.org/2015/10/firms-are-wasting-millions-recruitin...
http://www.economist.com/news/briefing/21640316-children-ric...
http://www.economist.com/news/special-report/21646985-americ...
We spend a huge sum of money on "education" in the US, but the two-party, democratic government we have obtained for ourselves has left a huge fraction of the people dissatisfied and impoverished.
That is dependent on the economic cycle. In boom times employers hire anybody with a pulse, in bust times the glut of resumes for a job opening makes employers choosy. If out of all resumes for a retail associate job one candidate stands out due to his MBA and experience, he will likely get the job. That does not imply, however, that all retail associate positions now require MBAs.
Meanwhile, my well-rounded education comes from independent study of this and that and places like HN. I guarantee you that I can identify quality information and know more about government than most of my peers.
That's fine so long as you actually want to become the person that liberal arts education strives to create. That archetype is a lovely justification for four years and the student loan equivalent of a 2016 Porsche 911.
The instance or the archetype, on the other hand, is not so nice. If somebody ever called me "sophisticated", I would assume that they were being sarcastic or condescending. If I called someone else "unsophisticated", that would make me look like an elitist jerk.
As for being "well-rounded", liberal arts college education is both redundant and contradictory. It's redundant because we already have K-12 education to "broaden horizons beyond one's comfort zone". It's contradictory because the whole idea of college majors pushes students to be LESS well-rounded in favor of a specialization.