Abstract
Amidst the rapid evolution of contemporary landscapes, this paper addresses whether the traditional college degree retains its economic utility considering emergent and transformative technologies. The examination unfolds through an exploration of the foundational tenets of economic utility, summarized within the paradigms of form, time, place, and possession. Form utility, intrinsic to the alignment of consumer needs with desires, assumes a principal role in this discourse. The burgeoning influence of social media and pop culture underscores a shifting paradigm where individuals achieve fulfillment and success without the traditional collegiate route, raising questions regarding the necessity of conventional higher education. Furthermore, the dimensions of time and place utility emerge as pivotal considerations. The proliferation of platforms such as Coursera and the University of Phoenix offering asynchronous learning modalities allows consumers to dictate both parameters of their educational pursuits, eliminating the constraints of conventional semester-based structures. Finally, the dimension of possession utility examines the fundamental essence of knowledge acquisition, examining whether the modality of knowledge acquisition is relevant to the consumer when using the knowledge gained. These deliberations highlight the current significance of the discussion and ensure its relevance in the evolution of higher education systems.