The apprenticeship levy begins today, and it is vital that universities involve themselves in making this pioneering policy a success, argues the Open University’s Steve Hill.
There is no doubt that, as with most changes, the £9,000 fee system introduced in England in 2012-13 created winners and losers. We know that applications are back up for full-time undergraduates – and we know this includes students from non-traditional backgrounds, which is great. But that is not the whole story. On the day the Public Accounts Committee confirm the rising costs of writing off loans, Libby Hackett looks at the winners and losers in the current system, and calls for a fundamental rethink.
One of the odder beliefs that our culture seems to have developed about markets is the idea of market efficiency. Specifically, the idea that – given the publicly available information presented at the time of action – the actions of any given player in a market are unable to offer greater efficiency than the average of the actions of all players within that market. Or, to stick this in non-economist language, if everyone has access to the same info then no-one has an advantage.