The QS World University Rankings are a load of old baloney

The University of Cambridge is not the best university in the world.

The University of Cambridge is the best university in the world, according to the eighth annual QS World University Rankings for 2011/2012, out today. Oxford came fifth in the tables and there is a total of five UK universities in the top 20. What a load of old baloney.

Here are the rankings:

1. University of Cambridge
2. Harvard University
3. Massachusetts Institute of Technology
4. Yale University
5. University of Oxford
6. Imperial College London
7. UCL (University College London)
8. University of Chicago
9. University of Pennsylvania
10. Columbia University
11. Stanford University
12. California Institute of Technology
13. Princeton University
14. University of Michigan
15. Cornell University
16. Johns Hopkins University
17. McGill University
18. Swiss Federal Institute of Technology
19 Duke University
20 University of Edinburgh

This ranking is complete rubbish and nobody should place any credence in it. The results are based on an entirely flawed methodology that underweights the quality of research and overweights fluff:

40 per cent -- academic reputation from a global survey
10 per cent -- from employer reputation
20 per cent -- from citations by faculty
20 per cent -- from student faculty ratio
5 per cent -- proportion of foreign students
5 per cent -- proportion of foreign faculty

The methodology is designed to underweight the performance of US universities that tend not to have a high proportion of foreign students or foreign faculty members -- but who cares about that? It is unclear whether having more foreign students and faculty should even have a positive rank; less is probably better. So, the UK faculty all say they are wonderful, but that isn't a plausible measure of quality. Another way to improve the rankings of UK universities would be to replace the 20 per cent for citations with a 20 per cent weight to any university whose name started with the letters CAM or OXF; the ranking is that absurd. Or they could weight by the proportion of buildings on the campuses built before 1500.

A more realistic ranking is provided by the University of Shanghai, that ranks the quality and quantity of research output of its faculty as well as the receipt of Nobel Prizes and field medals by both its faculty and alumni heavily. The number of faculty members from Botswana and the number of students from Chile quite rightly have zero impact, which is as it should be. Here are the weights used in their much more believable methodology:

Criteria
Alumni of an institution winning Nobel Prizes and Fields Medals -- 10 per cent
Faculty of an institution winning Nobel Prizes and Fields Medals -- 20 per cent
Highly cited researchers in 21 broad subject categories -- 20 per cent
Research Output Papers published in Nature and Science -- 20 per cent
Papers indexed in Science Citation Index-expanded and Social Science Citation Index -- 20 per cent
Per Capita Performance Per capita academic performance of an institution -- 10 per cent
Total 100 per cent

Note that since 2000, the faculty of the University of Cambridge has been awarded one Nobel Prize, in 2010, which was its first since 1984, while UCL and Oxford have both had none. Indeed, the University of Oxford's faculty hasn't received one since 1973. By contrast, MIT and Columbia have both had five; UC Berkeley has had four while Stanford, Rockefeller, Johns Hopkins, Chicago and Princeton have each had two and Harvard one.

Here is Shanghai University's much more believable 2010 ranking that ranks Cambridge fifth and Oxford tenth, and these are the only two UK universities in the top 20:

1. Harvard University
2. University of California, Berkeley
3. Stanford University
4. Massachusetts Institute of Technology (MIT)
5. University of Cambridge
6. California Institute of Technology
7. Princeton University
8. Columbia University
9. University of Chicago
10. University of Oxford
11. Yale University
12. Cornell University
13. University of California, Los Angeles
14. University of California, San Diego
15. University of Pennsylvania
16. University of Washington
17. University of Wisconsin, Madison
18. The Johns Hopkins University
18. University of California, San Francisco
20. University of Tokyo

The QS is a flawed index and should be ignored. The University of Cambridge is not the best university in the world.

David Blanchflower is economics editor of the New Statesman and professor of economics at Dartmouth College, New Hampshire

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As long as the Tories fail to solve the housing crisis, they will struggle to win

The fall in the number of homeowners leaves the Conservatives unable to sell capitalism to those with no capital. 

For the Conservatives, rising home ownership was once a reliable route to government. Former Labour voters still speak of their gratitude to Margaret Thatcher for the Right to Buy scheme. But as home ownership has plummeted, the Tories have struggled to sell capitalism to a generation without capital. 

In Britain, ownership has fallen to 63.5 per cent, the lowest rate since 1987 and the fourth-worst in the EU. The number of private renters now exceeds 11 million (a larger number than in the social sector). The same policies that initially promoted ownership acted to reverse it. A third of Right to Buy properties fell into the hands of private landlords. High rents left tenants unable to save for a deposit.

Rather than expanding supply, the Tories have focused on subsidising demand (since 2010, housebuilding has fallen to its lowest level since 1923). At a cabinet meeting in 2013, shortly after the launch of the government’s Help to Buy scheme, George Osborne declared: “Hopefully we will get a little housing boom and everyone will be happy as property values go up”. The then-chancellor’s remark epitomised his focus on homeowners. Conservative policy was consciously designed to enrich the propertied.

A new report from the Resolution Foundation, Home Affront: housing across the generations, shows the consequences of such short-termism. Based on recent trends, less than half of millennials will buy a home before the age of 45 compared to over 70 per cent of baby boomers. Four out of every ten 30-year-olds now live in private rented accommodation (often of substandard quality) in contrast to one in ten 50 years ago. And while the average family spent just 6 per cent of their income on housing costs in the early 1960s, this has trebled to 18 per cent. 

When Theresa May launched her Conservative leadership campaign, she vowed to break with David Cameron’s approach. "Unless we deal with the housing deficit, we will see house prices keep on rising," she warned. "The divide between those who inherit wealth and those who don’t will become more pronounced. And more and more of the country’s money will go into expensive housing instead of more productive investments that generate more economic growth."

The government has since banned letting agent fees and announced an additional £1.4bn for affordable housing – a sector entirely neglected by Cameron and Osborne (see graph below). Social housing, they believed, merely created more Labour voters. "They genuinely saw housing as a petri dish for voters," Nick Clegg later recalled. "It was unbelievable." 

But though housebuilding has risen to its highest levels since 2008, with 164,960 new homes started in the year to June 2017 and 153,000 completed, this remains far short of the 250,000 required merely to meet existing demand (let alone make up the deficit). In 2016/17, the government funded just 944 homes for social rent (down from 36,000 in 2010). 

In a little-noticed speech yesterday, Sajid Javid promised a "top-to-bottom" review of social housing following the Grenfell fire. But unless this includes a substantial increase in public funding, the housing crisis will endure. 

For the Conservatives, this would pose a great enough challenge in normal times. But the political energy absorbed by Brexit, and the £15bn a year it is forecast to cost the UK, makes it still greater.

At the 2017 general election, homeowners voted for the Tories over Labour by 55 per cent to 30 per cent (mortgage holders by 43-40). By contrast, private renters backed Labour by 54 per cent to 31 per cent. As long as the latter multiply in number, while the former fall, the Tories will struggle to build a majority-winning coalition. 

George Eaton is political editor of the New Statesman.