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As we transition from a system of globalisation to a new (as yet undefined) system it is likely that all institutions – and especially established and traditional institutions such as universities – will come under attack. This has already become apparent over the past few months in the UK and elsewhere. Some of this criticism is ill-informed (such as the idea that academics have a cushy life with extended summer breaks or universities are running pricing cartels), but other comments are closer to the bone (such as the sustainability of the student fee system or the value for money of higher education). But in responding to these concerns, we have typically resorted to the language of graduate premiums and the economic returns from research.
