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Download Going Broke by Degree: Why College Costs Too Much fb2, epub

by Richard Vedder

Download Going Broke by Degree: Why College Costs Too Much fb2, epub

ISBN: 0844741973
Author: Richard Vedder
Language: English
Publisher: Aei Press (January 1, 2004)
Pages: 259
Category: Personal Finance
Subcategory: Money
Rating: 4.2
Votes: 785
Size Fb2: 1538 kb
Size ePub: 1515 kb
Size Djvu: 1275 kb
Other formats: lrf lrf mbr lit


Summarizing, "Going Broke by Degree" is an important start, but only a start. Too much of the book is filled with arcane economic theory that clarifies little.

Summarizing, "Going Broke by Degree" is an important start, but only a start. The problem is worse than Vedder portrays, and his conclusions do not stress enough the issue of declining productivity. Further, he does not address important side issues - the vast amounts wasted on students admitted without proper preparation or who quickly drop out, and those who graduate but then take jobs that do not require a college degree. 28 people found this helpful.

Vedder wrote in his June 2004 book Going Broke by Degree: Why College Costs Too Much that American universities . He also criticized rising tuition costs.

Vedder wrote in his June 2004 book Going Broke by Degree: Why College Costs Too Much that American universities have become less productive and less efficient in recent years as well as more likely to shift funds away their core mission of teaching. He proposed as a broad solution moving state universities toward free market competition and privatization

I served on the Spellings Commission on the Future of Higher Education, ran the Center for College Affordability and Productivity, and for years administered Forbes' Best Colleges rankings.

ContributorEducation. I served on the Spellings Commission on the Future of Higher Education, ran the Center for College Affordability and Productivity, and for years administered Forbes' Best Colleges rankings. My newest book, out in early 2019 is "Restoring the Promise: Higher Education in America. I am a Senior Fellow at the Independent Institute. I write frequently for the popular press and have authored many books (including "Out of Work: Unemployment and Government in Twentieth-Century America" and "Going Broke By Degree: Why College Costs Too Much") and over 200 scholarly.

Richard K. Vedder is Senior Fellow at the Independent Institute and Distinguished Emeritus Professor of Economics at Ohio University. He is the author of Going Broke by Degree: Why College Costs Too Much. He has been Senior Economist at the . Joint Economic Committee and Visiting Fellow at the Center for the Study of American Business, Washington University.

Going Broke By Degree book. American universities are facing a crisis of growing magnitude. In Going Broke by Degree, economist Richard Kent Vedder explains why costs are rising so fast and what can be done about it. He compares the underlying causes for the higher education's cost problem to that of the health care crisis. The ordinary constraints on raising prices in a competitive, for-profit market environment are weak in the higher education market.

Richard Vedder's collection and analysis of information regarding college costs and quality is an excellent . oulined in 1998 in "Straight Talk About College Costs And Prices", Report Of The National Commission On the Cost Of Higher Education, January 21, 1998.

Richard Vedder's collection and analysis of information regarding college costs and quality is an excellent exercise of statistical work. If, however, you're not familiar with stats, or just don't like them, you may want to find another book on the subject. To simply forward Vedder's conclusion, the rising cost and dropping quality of college education is due to, ironically, alumnus donations and government subsidies, and lack of market stimuli (although higher education is protected from these for the sake of improving quality).

In Going Broke by Degree, economist Richard Kent Vedder explains why costs are rising so fast and what can be done about it. The adverse consequences of inefficiency are largely absent. He proposed as a broad solution moving state universities toward free market competition and privatization Walmart.

In Going Broke by Degree, economist Richard Vedder examines the causes of the college tuition crisis. He warns that exorbitant tuition hikes are not sustainable and explores ways to reverse this alarming trend. These factors combine to produce dramatic hikes in tuition, making it more difficult for Americans to afford college.

Economist Richard Vedder examines the causes of the college tuition crisis and explores ways to reverse this alarming trend.

Comments:

Burilar
I found this book to be groundbreaking. I have not found other books that directly address the subject matter as this book does. It would be a plus if you have an understanding of Economics, but it is not completely necessary. I applaud Richard Vedder for shining light on this subject. I only hope he continues to further explore the subject of rising tuition and declining productivity in higher education. I would like to see proposed solutions too. Well done.
Mr.Death
Parents are shelling out big bucks to colleges primarily in order to secure a decent future for their children. It would be wonderful if colleges were spending the bulk of the $60,000 price tag on instruction, but no matter how the numbers are crunched, this is not the case. Many people are upset that college costs have risen faster than the Consumer Price Index. Based on the CPI, the cost of Harvard in the 1970s equates to $27,000 today. In other words, every college should cost less than that, but most cost more. Furthermore, the quality of instruction has deteriorated and this is a fact kept hidden by colleges. Professors are being replaced by adjuncts and their salaries range from $2,000 to $4,000 per course. Where is the money going. Richard Vedder is the economist who solves this mystery.

Yes, economics involves charts. No there are not too many charts. People can read them or skip them and still get the answers they seek. An author writes a book for many audiences, in this case, administrators, economists and parents and it's best to include the whole enchilada and let the reader pick and choose which parts meets his or her needs.
Zavevidi
The market for college tuition suffers from the same problems as that for healthcare - the large impact of third-party payors (eg. government, scholarship discounts makes consumers far more indifferent regarding costs than they otherwise would be. Vedder also should have mentioned that comparing quality has also been difficult in both markets, and that suppliers are rewarded for their errors ("rework" in healthcare, increasing time to graduation due to lack of course availability). Other problems include admitting those unqualified, and high drop-out rates.

One problem with the book is that Vedder concentrates too much on tuition costs. Tuition hikes are a result of both increased costs and shifting funding sources - since the latter is extraneous to any issues of spending, it simply confuses the issue. Vedder's efforts would be more useful if he had instead focused on trends in inflation-adjusted costs/fte.

"Research" is often cited as the reason for increased college tuition - however, Vedder points out that much of it is trivial, and those undertaking it generally receive grants to offset the costs. Regardless, at some point, for example, the additional studies of eg. King Lear garner vanishingly small returns.

Vedder's alternatives to publicly funded (high-costs universities) include private institutions (Vedder cites the University of Phoenix (UofP)- however, subsequent reports have found that the UofP has very high dropout rates and questionable marketing practices), community colleges, company-administered examinations (eg. demonstrations of Oracle or Microsoft expertise), and providing aid to students instead of schools (would hopefully better reward institutions providing better attention to student needs - eg. course offerings, and could encourage graduation by forgiving a portion for those graduating).

It is difficult to make a case that the increased education spending has brought improved college instruction - Graduate Record Exam (GRE) results have declined slightly over the years, the proportion of classes taught by adjunct faculty and teaching assistants has increased, the school year has decreased (Vedder, however, did not indicate how much it has decreased), and the percent of students taking five or more years to graduate has increased.

Trends in spending allocation: Instruction: 39% in '76-'77 - 34% in '99-'00. Research: 18.4%, 22.4%. Total staff/100fte: 18.5% to 20.8%. Faculty/100fte: 7 to 7.6.

Faculty as a PerCent of Staff: 48% in 2 yr. institutions, vs. 28% in 4 yr. ('99-'00)

Teaching loads have declined from about 9 hours/semester at major research universities, 12 at medium-quality state/private, and 15 at somewhat lesser known. This is a MAJOR cost issue, however, and Vedder does not treat it in sufficient detail or with clarity.

Summarizing, "Going Broke by Degree" is an important start, but only a start. The problem is worse than Vedder portrays, and his conclusions do not stress enough the issue of declining productivity. Too much of the book is filled with arcane economic theory that clarifies little. Further, he does not address important side issues - the vast amounts wasted on students admitted without proper preparation or who quickly drop out, and those who graduate but then take jobs that do not require a college degree.
Jum
Richard Vedder's collection and analysis of information regarding college costs and quality is an excellent exercise of statistical work. If, however, you're not familiar with stats, or just don't like them, you may want to find another book on the subject.

To simply forward Vedder's conclusion, the rising cost and dropping quality of college education is due to, ironically, alumnus donations and government subsidies, and lack of market stimuli (although higher education is protected from these for the sake of improving quality).

Although the use of tables, graphs, and other statistics is very pronounced- sometimes too easy to get lost in- there are occasions when there just isn't the specific number that would tie everything together. There is a point where Vedder is attempting to describe a regression line, and mistakenly describes a kind of logarithmic function, by using a percentage of a variable instead of a percentage of a constant (the constant, even if you notice it's missing there, doesn't appear to be anywhere else). It also seemed to illustrate a very important point, and it's regretable that the point is so hard to grasp.

This example is the worst I could find in the book. Such as it is, Vedder's book is good if you're interested or patient enough regarding the number-crunching; most of it is coherent and makes sense easily enough. His theories rest solidly on the evidence, and his perspective will resonate with those of you who believe the government is too wasteful and/or corrupt to be handling the schooling of the young.

Probably, the best use for this book will be as a source of numbers in debates concerning higher education, as Vedder goes to considerable length to crunch them for the reader.

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