I would say college cannot be resold, but it is sold in the first place. I looked up the Wikipedia article for "Economic Bubble", which defined it as "trade in high volumes at prices that are considerably at variance with intrinsic values." A college education is definitely a product, even though it is completely illiquid. I would definitely agree that many or even most people are paying more for college than it is worth, though not in every field and not at every school.