By Ronald G. Ehrenberg
ISBN-10: 0674003284
ISBN-13: 9780674003286
ISBN-10: 0674009886
ISBN-13: 9780674009882
America's elite schools and universities are the simplest on the earth. also they are the most costly, with college emerging speedier than the speed of inflation over the last thirty years and no indication that this pattern will hamper. Ronald G. Ehrenberg explores the factors of this institution inflation, drawing on his decades as a instructor and researcher of the economics of upper schooling and as a senior administrator at Cornell collage. utilizing incidents and examples from his personal event, he discusses a variety of subject matters, together with endowment rules, admissions and fiscal relief rules, the investment of study, tenure and the tip of necessary retirement, details expertise, libraries and distance studying, scholar housing, and intercollegiate athletics. He exhibits that elite faculties and universities, having a number of, rather autonomous constituencies, be afflicted by useless important keep an eye on in their bills. And in a desirable research in their reaction to the rankings released via magazines resembling U.S. information & international document, he indicates how they interact in a dysfunctional pageant for college students. within the brief run, those schools and universities have no use to fret approximately emerging school, because the variety of certified scholars utilizing for front is emerging even quicker. yet in the end, it's not in any respect transparent that the raises will be sustained.
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Extra info for Tuition Rising: Why College Costs So Much
Example text
After discussions with the president and other senior administrators, they focus on establishing financial policies (such as how much to spend from the endowment, how the endowment should be invested, what the total budget should be for the university, how much tuition and faculty and staff salaries should be raised, and what the institution’s level of debt should be), sanctioning the design and construction of new facilities, approving major policies for the university (such as whether financial aid should be based on a student’s need or merit, whether more funding should go to athletics), and giving final approval on academic matters (the creation of new colleges or degree programs, the award of tenure to faculty).
In rare cases a president can lead a selective institution without seriously consulting the faculty on many issues and in the face of strong opposition from them. John Silber was president of Boston University for twenty-five years, and during that time he had the unwavering support of the board of trustees. This enabled him to achieve considerable change at the institution, even though many faculty members sometimes objected to his actions. His experience, however, is the exception rather than the rule.
The fact that negative total annual returns can and do occur helps to explain why the academic institutions never base their spending decisions simply on the current year’s total return. To do so would mean that spending from the endowment would fall to zero in years when the return was negative, and that would cause fluctuations in the institution’s budget that would prove unacceptable. As a result, most institutions, at least implicitly, base their spending on some average of what their endowment’s total return is over time.