College: What Are You Paying For?
It’s late August, and young adults across the country are headed to college, and parents across the country are writing large tuition checks.
Americans worry incessantly about the inflation in medical costs – and with good reason. But over the past fifteen years, the inflation in college and university costs has been even greater. Colleges and universities across the country have been raising tuition at a rate four times faster than the overall inflation rate.
What does that money pay for? A little thought experiment may help. Let’s imagine, for a moment, educational institutions in which the buildings are modest and fully