College Tuition: More money chasing the same goods

Did you hear about college educations getting better and better?  Neither did I.  From the Spectator's article on "Covid College" (lessons learned):

"Only a fool pays the full price for a second-rate product. Only a fool believes real-world contact can be delivered secondhand by Zoom. Our colleges may teach the higher foolishness, but the cost of higher education — ahead of inflation every year since 1980, and devalued accordingly — is a lesson in popular credulity."

The cost of education has gone up far faster than inflation.  But it hasn't got better.  The money pumping it up is going to go somewhere else after the Covid experience. The classes disappeared into the ether but the money kept going into the hole where they used to be.      This is inflation but not across the whole market, just in the college market.  It's unstable and will correct towards a mean.