Is Traditional State Education in Danger?

More money for education as the key to economic growth has been repeated as a mantra here in Arkansas. I have long thought the better way to promote economic growth was to right-size education to your economy. But is traditional state education in danger? Gary North thinks so. He claims state education as more important to the ruling elite than central banking. I don't agree with his conclusions about the death of higher education as we know it- in higher ed in particular there are too many majors that require special equipment and in-person direction. Still, he makes a provocative case for his main thesis.