In the contemporary world, technology is no longer merely an instrument but a mediating force in the formation of human subjectivity, memory, and social relations. The rapid integration of digital technologies into education, particularly in the aftermath of the COVID-19 pandemic, has created profound opportunities as well as significant challenges for educational institutions. However, previous research has largely overlooked the relational and mediating nature of technology. Drawing upon Bernard Stiegler's concept of the *pharmakon*, this article develops an integrated conceptual framework for understanding the pharmacological relationship between technology and education and for explicating their simultaneous potential as both possibility and danger. To this end, informed by Stiegler's philosophy, the authors employ the philosophy of technology and phenomenology to elucidate the ontological foundations of the human–technology relationship. They further draw on Freudian–Lacanian psychoanalysis, cognitive science—particularly findings from the neuroscience of reading—and the sociology of institutions to examine the reciprocal effects of this relationship on psychological, cognitive, and institutional domains. In addition, perspectives from the political economy of media and critical theory are employed to analyze the broader dynamics of digital capitalism and educational policymaking. The findings indicate that technology, as a *pharmakon*, is inherently ambivalent: on the one hand, it can foster grammatization, individuation, and sublimation; on the other, it can produce proletarianization, disindividuation, and desublimation. Accordingly, educational systems should not only transmit knowledge but also function as institutions that cultivate care for the psychic well-being of individuals and society while safeguarding attention against the crises generated by the commodification of attention.