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The Road Ahead for America’s Colleges & Universities

Summary:
We briefly cover higher education in Why Are the Prices So D*mn High? If you are interested in a longer treatment that covers many more issues I highly recommend Archibald and Feldman’s The Road Ahead for America’s Colleges & Universities. Archibald and Feldman reach the same conclusion we do with regard to dysfunction versus the cost disease: We have offered two contending viewpoints about the drivers of college cost, and we have made a judgement between them. The dysfunction stories form the dominant narrative in public discussion, but we think it’s a story with weak foundations. Yet we agree that the status quo likely costs more than it could or perhaps should. You might notice that we mounted no defense of lazy rivers. Still, the cost consequences of true excesses probably are small.

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The Road Ahead for America’s Colleges & UniversitiesWe briefly cover higher education in Why Are the Prices So D*mn High? If you are interested in a longer treatment that covers many more issues I highly recommend Archibald and Feldman’s The Road Ahead for America’s Colleges & Universities. Archibald and Feldman reach the same conclusion we do with regard to dysfunction versus the cost disease:

We have offered two contending viewpoints about the drivers of college cost, and we have made a judgement between them. The dysfunction stories form the dominant narrative in public discussion, but we think it’s a story with weak foundations. Yet we agree that the status quo likely costs more than it could or perhaps should. You might notice that we mounted no defense of lazy rivers. Still, the cost consequences of true excesses probably are small. The major drivers of college costs are as follows (1) higher education is a service, and productivity growth in services lags productivity growth in goods; (2) higher education relies on highly educated service providers, and the income gap in favor of highly-educated workers has grown; and (3) higher education institutions adopt technology to meet a standard of care, even if meeting that standard pushes up cost.

In addition to discussing costs, Archibald and Feldman look at the demand for college, the role of the federal and state governments, online education, policy proposals such as free college and much more. Throughout their book they are data driven, analytic, and judicious.

The post The Road Ahead for America’s Colleges & Universities appeared first on Marginal REVOLUTION.

Alex Tabarrok
Alex Tabarrok is Bartley J. Madden Chair in Economics at the Mercatus Center at George Mason University and a professor of economics at George Mason University. He specializes in patent-system reform, the effectiveness of bounty hunters compared to the police, how judicial elections bias judges, and how local poverty rates impact trial decisions by juries. He also examines methods for increasing the supply of human organs for transplant, the regulation of pharmaceuticals by the FDA, and voting systems.

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