The average American seems to have a real misunderstanding of higher education, including what it is and what it’s supposed to be.  In an essay titled “Over Invested and Over Priced,” economics professor Richard Vedder looks at the following propositions and explains why they are false:

1. Since college graduates are substantially more productive than non-graduates, the country gains from policies that further promote college attendance.

2. Graduates have higher earnings due to the human capital they gain in college.

3. States can give themselves an economic boost by investing in their colleges and universities.

4. It’s just about impossible to lower the cost of college education.

Here’s a review of the essay, and here’s the essay itself.  I’d start with the review.