Richard Vedder is Distinguished Professor of Economics Emeritus at Ohio University, a Senior Fellow at the Independent Institute, and a board member of the National Association of Scholars. His next book is Let Colleges Fail, due out early next year.
About 15 years ago I began writing extensively about the rising cost of higher education, even starting a research center (the Center for College Affordability and Productivity) focused on that topic. I am now convinced that rising costs are NOT the dominant problem facing our universities. There are at least seven deadly sins –not precisely […]
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By Richard Vedder I didn’t sleep too well last night, thanks to Heterodox Academy’s (and NYU’s) Jonathan Haidt and John Leo, who recently carried on a provocative exchange in this space. Two questions really bothered me: Why is there so little intellectual diversity in the academy? And what can we do about the related problem […]
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Bill Powers, embattled for years as president of the University of Texas at Austin, appears at last to be facing his Alamo. On Thursday, the UT Board of Regents will meet and Powers, mired in controversy over costs and mission, is expected to either resign or be fired. A face-saving compromise would be to let […]
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Everything created by humanity is subject to a cycle of creation and destruction. Humans live 70-80 or sometimes even 100 years; their business enterprises rarely last that long. A generation ago, there was no Facebook or Google, but Enron and Eastman Kodak were going strong. Even buildings seldom last more than 200-300 years. Until recently, […]
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Here’s a scary statistic about American higher-ed: more than 40 percent of college students don’t graduate. But that number hides enormous variations in drop-out behavior. The National Student Clearinghouse Research Center has issued a “state supplement” report filled with interesting statistics; Here are some: Completion rates are vastly lower for part-time students relative to full-time ones; Students […]
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The Gettysburg Address is just over 300 words long, while the Declaration of Independence is 1,137 and entire U.S. Constitution is 4,400 words. But the Obama Administration’s new rules pertaining to “gainful employment,” applicable to many higher-education institutions, including virtually all “for-profit” ones, run about 185,000 words and 841 pages, slightly longer than the Bible’s […]
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Critics of American higher education usually focus on the deficiencies of college graduates —for example, their critical thinking isn’t much better than that of college freshmen, or they increasingly end up in relatively low-paying jobs requiring few high-level skills. Yet an indefatigable retired South Carolina college professor, sometime state legislator and relentless purveyor of collegiate […]
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Speaking at the nation’s largest community college (Miami Dade), Senator Marco Rubio proposed some very specific ideas on higher education that deserve serious consideration. Rubio recognizes that our federal student financial assistance program has enabled colleges to raise fees: “these hiked tuition rates….form a free subsidy for colleges…which use the funds to finance a myriad […]
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When I attended Northwestern beginning in the late 1950s, most students paid exactly the same tuition, room and board fees. Today, only a minority of college students pay full tuition (“the sticker price”) from their own funds. At exclusive private schools, some students pay nothing for tuition, room and board, but others pay $50,000 or […]
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When I attended Northwestern beginning in the late 1950s, most students paid exactly the same tuition, room and board fees. Today, only a minority of college students pay full tuition (“the sticker price”) from their own funds. At exclusive private schools, some students pay nothing for tuition, room and board, but others pay $50,000 or […]
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In a recent Wall Street Journal article co-authored by Purdue University president Mitch Daniels, Gallup CEO Jim Clifton observed that “Gallup’s hundreds of business clients report that many, if not most, college diplomas don’t tell them much about graduates’ readiness for productive work.” The information gap particularly hurts students attending non-selective admission colleges of so-so reputation: how do […]
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If low-cost Internet-based learning totally transforms higher education, we can thank Charles “Chuck” Vest, long-time president of M.I.T. Chuck, who died last week of cancer, was a great man in many ways, but his crowning achievement, the OpenCourseWare program at M.I.T., spurred huge changes whose full implications are only beginning to be understood. In 2002, […]
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In Texas, academic disputes often are Texas-sized: protracted, bitter brawls where civilized rules of conduct are often ignored. Another chapter in a long a drawn out soap opera has played out in Austin, with UT President Bill Powers retaining his job after a Board of Regents meeting regarding his fate. Powers will soon finish his eighth […]
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Like compulsive Las Vegas gamblers, many university presidents like to make big bets hoping for large payoffs. And like most gamblers, they usually lose. But they have a big advantage over those going to Vegas: they are gambling with other people’s money. The most famous form of higher education gambling involves football and basketball, where […]
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Brandeis University gave a surprising good-bye present to former president Jehuda Reinharz: a post-retirement compensation package of $600,000 a year for little apparent work. Indeed, Reinharz is earning another $800,000 annually in a full-time job for the Mandel Foundation (a Cleveland-based charity that has generously supported Brandeis). These kinds of deals are increasingly common in higher education. […]
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The College Board has released its annual report Trends in College Prices, and never has a seemingly boring document full of tables and graphs revealed more about American higher education. Five observations culled from the data: The rate of increase in tuition fees moderated a good deal this year, continuing a trend, especially at state universities, […]
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Surveys suggest, unsurprisingly, that most students go to college to acquire job credentials, not to pursue deep learning or ponder eternal truths. The biggest problem: that credentialing is extremely expensive–usually between $100,000 and $200,000–and doesn’t indicate much. Given today’s non-selective admissions policies, grade inflation and lax college academic standards, a college diploma doesn’t tell us […]
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It was bound to happen sooner or later: an important committee at the University of Virginia (UVA) has recommended the de facto privatization of the institution. Specifically, “The University of Virginia and its supporters should initiate a process designed to change the status of the University from a state controlled…and supported entity to a state […]
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The great transformation of higher education may be under way. Two indicators: First, the U.S. Census Bureau reported that enrollments at America’s universities in 2012 fell for the first time in years. What the Census did not stress was that the decline was fairly substantial, about 500,000 students, or roughly three percent. Rather the Census, […]
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That conclusion should be obvious. Roughly 48 percent of our college graduates are in jobs that the require less than a four-year degree, according to the Bureau of Labor Statistics, and the future looks worse: growth in the number of graduates in this decade is likely to be nearly three times as great as the projected […]
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The ratings season has begun. Forbes has just released its Best College list (full disclosure: the Center of College Affordability and Productivity, which I direct, does the rankings for Forbes). The Forbes list, more than that of US News & World Report, emphasizes student concerns -quality of instruction, vocational success of graduates, the amount of […]
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Colleges and universities have learned a lot from the late, great bank robber Willie Sutton, who, when asked why he robbed banks, answered “that is where the money is.” In an extension of the Sutton Hypothesis, colleges have learned that an awful lot of the largess that keeps them flush with funds comes from 51 […]
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At many large universities with an undergraduate college of education, the education school is regarded by students and faculty alike as the weak link, sometimes something of an embarrassment. None of the top dozen or so universities in rankings compiled by magazines like US News or Forbes typically even has an undergraduate ed school, in contrast […]
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Gordon Gee’s sudden retirement from Ohio State (after a widely reported, off-the-cuff slur on Catholics) probably ends a remarkable career of academic leadership almost without parallel in American higher education. For a university president to survive 10 years as president of one institution or 25 years in total as president is very unusual, yet Gee […]
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One of the things that strikes me about modern universities is the inordinate amount of lying that goes on -both by institutions and members of the university communities- and how little is done about it. As respect for moral absolutes is replaced with a mushy moral relativism, perhaps a decline in honesty is to be expected. But […]
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The New York Times reports a relatively small proportion of young Americans work by international standards, and suggests it may be because we are lagging in educating college students, since college graduates have low unemployment rates (3.9 percent in April for all college grads). There are several problems with this conclusion. First, while the Bureau of […]
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In the highly competitive free market economy that propelled the United States into our planet’s richest nation, business enterprises making mistakes pay huge and sometimes fatal consequences. Indeed it is what Joseph Schumpeter aptly called “creative destruction” that forces firms to be productive, efficient, innovative, and willing to take risks. Contrast this to higher education. […]
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Universities enjoy a privileged position in our society and lots of independence from political and economic forces, partly to provide an environment where diversity of views reigns -where conformist, stifling uniformity is suppressed in favor of a “free market in ideas.” Coupled with that historically has been a sense of meritocracy -the academy is an […]
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Accreditation is rapidly changing. Instead of remaining just a mildly annoying and inefficient barrier to innovation and change in higher education, it is evolving into a major impediment. Increasingly outrageous decisions by power hungry accreditation czars are becoming a serious problem. I have recently written about this issue here, but the problem is growing so […]
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If I were asked to name the ten organizations most adversely impacting Americans – I would undoubtedly think of a few terrorist groups like al-Qaeda or criminal elements like Russian or Italian Mafia crime families, but also on my list, right below the quasi-corrupt NCAA that exploits young athletes to profit and entertain adults, might […]
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