Richard Vedder
Minding the Campus
A massive financial crunch has hit many schools because of sagging tuition revenue growth—reflecting falling enrollment or more aggressive discounting of tuition fees—and reduced public financial support in the form of federal and/or state aid and stagnant private philanthropy, all occurring in an environment of heightened inflationary pressures increasing the dollars needed to operate.
Higher education works hard to avoid destruction while also avoiding needed moves designed to promote efficiency coming from increased outputs or lower costs, because its “owners” lack incentives to do so.
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