The returns on higher education are rising: the median earnings in 2000 of Americans with a bachelor's degree or higher were about double those of high-school leavers.

ECONOMIST: Lexington: Poison Ivy | The

The externality argument is in many respects just a highfalutin way of expressing revulsion that anyone should be so profane as to attempt to measure the returns on something as ineffable as education.

FORBES: Are We Spending Too Much On Education?

But it also suggests that increased spending by individuals would be uneconomic--and raises the question of what the returns are on government investment in higher education.

FORBES: Are We Spending Too Much On Education?

Earlier this week, Times Higher Education ran a big story on the apparent decline in the relative economic returns to university education.

FORBES: Declining Prospects for Higher Ed in the UK?

But if returns to higher education go on falling as the price rises, will people want more of it or less?

ECONOMIST: Education economics

The worst returns tend to come from schools whose programs focus on nursing, criminal justice, sociology and education, says Katie Bardaro, an analyst at PayScale.

WSJ: Upside: Is College the 'Best Investment'? Here's the Math

On Sunday, February 10, the IRS will accept tax returns which include federal form 4562, Depreciation and Amortization, and on Thursday, February 14, the IRS will accept tax returns which include federal form 8863, Education Credits (for taxpayers claiming the American Opportunity Tax Credit and the Lifetime Learning Credit).

FORBES: IRS Announces Filing Dates For Taxpayers Claiming Education Credits, Depreciation