Since the first university opened in Bologna in 1088, the business of higher education has changed remarkably little. It is one of the few sectors where being older and more traditional is considered better. That is why there is so much excitement that “massive open online courses” (Moocs) might be able to revolutionise this industry. But this hope is misplaced.

In the past 18 months, dozens of institutions, including Harvard, Massachusetts Institute of Technology and Stanford, have signed up to provide free online courses to anyone who wants them. Each can enrol hundreds of thousands of students. In the first week that its six courses were available, the University of Edinburgh enrolled nearly 300,000 students. Coursera, a leading platform, last month announced 90 new courses, offered in Mandarin, Spanish and other languages.

Higher education certainly needs a shake-up. In the US, it costs up to $100 per student to deliver an hour of instruction. In emerging markets, the sector has not grown to match booming demand; at current growth rates, India will have more adults without a university education in 2020 than today.