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Much of what is written about colleges and universities ties rapidly rising tuition to dysfunctional behavior in the academy. Common targets of dysfunction include prestige games among universities, gold plated amenities, and bloated administration. This book offers a different view. To explain rising college cost, the authors place the higher education industry firmly within the larger economic history of the United States. The trajectory of college cost is similar to cost behavior in many other industries, and this is no coincidence. Higher education is a personal service that relies on highly educated labor. A technological trio of broad economic forces has come together in the last thirty years to cause higher education costs, and costs in many other industries, to rise much more rapidly than the inflation rate. The main culprit is economic growth itself. This finding does not mean that all is well in American higher education. A college education has become less reachable to a broad swathe of the American public at the same time that the market demand for highly educated people has soared. This affordability problem has deep roots. The authors explore how cost pressure, the changing wage structure of the US economy, and the complexity of financial aid policy combine to reduce access to higher education below what we need in the 21st century labor market. This book is a call to calm the rhetoric of blame and to instead find policies that will increase access to higher education while preserving the quality of our colleges and universities.
Robert Archibald teaches economics and public policy at the College of William and Mary. While he has held several administrative posts, he is regularly promoted back to the faculty. In the past six years, together with David Feldman, he has published widely on the economics of higher education.
David Feldman teaches in the economics department and in the Public Policy Program at the College of William & Mary. He has been honored with a University Professorship for Teaching Excellence. In addition to his work with Robert Archibald on higher education he writes about the international economy.
Table of Contents
The Landscape of the College Cost Debate
Is Higher Education All That Unusual?
Higher Education Is a Service
The Costs of Employing Highly Educated Workers
Cost and Quality in Higher Education
The Bottom Line: Why Does College Cost So Much?
Is Higher Education Increasingly Dysfunctional?
Productivity Growth in Higher Education
Tuition and Fees
Subsidies and Tuition Setting
List-Price Tuition and Institutional Grants
Outside Financial Aid
The College Affordability Crisis
Federal Policy and College Tuition
Financial Aid Policy
Rewriting the Relationship between States and Their Public Universities
A Few Final Observations
Data on Costs and Prices
Granger Causality Tests of the Bennett Hypothesis
Table of Contents provided by Ingram. All Rights Reserved.