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.
America is arguably the most magnificent manifestation of the Enlightenment that transformed the world after 1500. Our nation was discovered and settled by adventurers and risk-takers embracing change and discovery. Founding Fathers such as Thomas Jefferson and Benjamin Franklin were curious about the world, innovative and creative, and believers in the emerging democratic ideal who […]
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New U.S. Department of Education data show that the number of postsecondary educational institutions in the U.S. declined 15 percent (from 7,234 to 6,138) between the 2012-3 and 2018-19 academic years, with fully one-third of the decline in the last year. In the past two years, total undergraduate enrollment has fallen by 627,000, more than […]
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Colleges rarely sue one another, so when little Hillsdale College in Michigan sued the much larger University of Missouri a couple of years ago, it raised some eyebrows. Hillsdale alleges that Mizzou blatantly violated the terms of Wall Street financier Sherlock Hibbs’ will, who left $5 million to his alma mater upon his death to […]
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The New York intellectual establishment has learned via a New York Times op-ed and a New Yorker story/book review that the high cost of college has “changed” (Times) or “transformed” (New Yorker) American family life. That is nothing particularly new or revealing, at least for millions of Americans living, as I do, in that vast […]
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Op-Ed. An estimated 14.67 million college students attend what we call “state universities.” Some of them are renowned highly selective research institutions like the University of California at Berkeley or the University of Michigan, while others are relatively obscure schools with an open admissions policy. But all receive some degree of subsidization from the state […]
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The recent college admissions scandal is spectacular in its size and scope, but hardly surprising. Let me make four major points. Whenever there are scarce resources in much demand and a non-market solution is used to allocate those resources, there are bound to be problems. At the schools involved in this admissions scandal, there are […]
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Stealing from Shakespeare: “Let’s kill all the accreditors.” In this kinder and gentler age, most of us would be content if college accreditors simply resigned their positions and did something useful, such as selling cars. When you buy a car, you pay about the same as a year’s tuition fee at a good university. Yet […]
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Two of our nation’s premier credit rating agencies, Moody’s and Fitch, have issued reports recently giving a negative outlook on the finances of American higher education. Of course, the financial condition of schools varies considerably: there are affluent ones with large cash reserves, billions in investments in their endowment, and robust demand for their services, […]
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An executive search firm in the not-for-profit sector, Kittleman, has recently looked at two groups of highly successful heads of organizations: the chief executive officers of the Fortune 500 corporations and their counterparts at the 100 largest non-profit organizations listed on Forbes. It is not surprising that the captains of industry and philanthropy mostly went […]
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America’s colleges and universities are in trouble: falling enrollments, declining public support, even the beginnings of a decline in our dominance in international rankings. While many factors are at work, here are the top ten things I think are destroying America’s colleges and universities. First, going to college is too costly. Tuition fees have roughly […]
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Nearly a decade ago, my then colleague Andrew Gillen suggested that one could say that higher education was in a bit of a “bubble”: over-exuberant “investors” in human capital, better known as students, were potentially misallocating their resources, becoming increasingly underemployed after graduation, leading to adverse financial consequences. In the private sector, bubbles, like those […]
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One provision in the new tax legislation is going to give scores of colleges and universities a lot of heartburn –the 21 percent federal excise tax on compensation of employees making $1 million a year or more. The idea of extra taxes on supersized salaries is not new: private corporations have paid excise taxes on […]
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Shocking news: the new Wall Street Journal/Times Higher Education college rankings say that Harvard is the best school in the United States. So does Forbes in its rankings, while US News ranks it second. Some eight schools (Harvard, Yale, Princeton, MIT, Stanford, Penn, Duke and Cal Tech) are in the top 10 in all three […]
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Right now, the biggest news in higher education is a controversial paper from Dimitrios Halikias and Richard Reeves of the Brookings Institution, arguing that “the upper middle class is substantially over-represented” in America’s universities, that “public investment…too often fails to produce either social mobility or socially beneficial research,” and that “the significant public subsidies spent […]
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Who gains as Purdue University acquires on-line Kaplan University? For Kaplan, the sale has strong appeal. For-profit companies have been maliciously maligned by politicians and leftist ideologues, and the Obama Administration tried to kill them through regulations that largely did not apply to traditional not-for-profit institutions. Students will like the prestige of the Purdue name, […]
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For universities and many colleges, this is the age of administrative bloat. The Office of the President of the University of California has roughly two thousand employees – doing no teaching or research. In just the Diversity and Engagement area of her office (which probably did not even exist 50 years ago), there are five […]
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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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