Why has the inflation-adjusted cost of higher education tripled since 1980? Writing in Washington Monthly Benjamin Ginsberg argues Administrators Ate My Tuition.
Between 1975 and 2005, total spending by American higher educational institutions, stated in constant dollars, tripled, to more than $325 billion per year. Over the same period, the faculty-to-student ratio has remained fairly constant, at approximately fifteen or sixteen students per instructor. One thing that has changed, dramatically, is the administrator-per-student ratio. In 1975, colleges employed one administrator for every eighty-four students and one professional staffer—admissions officers, information technology specialists, and the like—for every fifty students. By 2005, the administrator-to-student ratio had dropped to one administrator for every sixty-eight students while the ratio of professional staffers had dropped to one for every twenty-one students.
Education has grown up a big parasite class that lives off it. They run a university prestige racket that cons parents and prospective students, graduating students into debt peonage. We can no longer afford this, what with stagnant (or worse) living standards and bleak prospects for economic growth. Plus, the returns on investment from higher education are exaggerated. I argue for online education in large part because we need to break away from the high cost model that conventional higher education has evolved into.
|Share |||By Randall Parker at 2011 August 29 11:20 PM Education Costs|