From ‘priceless’ to ‘priced’: the value of knowledge in higher education

This paper examines a shift in the value awarded to the disciplinary knowledge developed in universities. The instrumentalised function of this type of knowledge as it is ‘priced’ and sold in the global higher education marketplace is given a value greater than that given to its symbolic or ‘priceless’ function in contributing to society’s social meanings. This shift in value is the result of the intensive commodification of knowledge in the higher education sector itself as a consequence of fundamental changes to the global economy. Knowledge now plays a central role as a valuable productive force in the global economy and higher education is the main site for its production and sale. The weakened insularity between disciplinary knowledge’s symbolic and economic functions gives greater value to its ‘price’ rather than to its ‘priceless’ function as a creative force in creating the social meaning of the symbolic sphere of human life. We describe the way this shift in the value of disciplinary knowledge has affected its functions in the ‘knowledge economy’ era with reference to an empirical study of the internationalisation of Indonesian higher education.