Is the modern university losing its economic utility?: The entropic reality facing the future of higher education

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.

Dr. Mario G. Beruvides is a professor in the Department of Industrial & Systems Engineering at the University of Miami. Prior to joining UM, he spent 30 years at Texas Tech University, earning national and international recognition for his contributions to industrial and systems engineering. He is a registered professional engineer in the State of Texas, a Fellow of the American Society for Engineering Management, and a member of the National Academy of Inventors, holding several U.S. and international patents. Dr. Beruvides has published extensively and received numerous awards for teaching and research excellence. He has graduated over 50 Ph.D. students, many of whom have gone on to leadership roles in academia and industry worldwide. His work in distance education and international collaboration has helped establish innovative graduate programs recognized nationally and internationally.

Chris Penick is an engineering educator with over 20 years of combined experience in the automotive and aerospace industries. He teaches a broad range of courses, including Engineering Thermodynamics, Fluid Mechanics, Fluid Power Systems, Lean Principles, and Senior Design. His professional background includes roles in testing, product development, and mechanical engineering, which allow him to bring real-world context into the classroom and help students connect theory to practical application. Penick is currently pursuing a Ph.D. in Industrial and Systems Engineering at the University of Miami, where his research focuses on the thermoeconomics of higher education. This interdisciplinary approach applies engineering and economic principles to understand and improve decision-making and sustainability in the academic sector.