Richard Vedder, an economic historian and professor, argues in his book, "Let Colleges Fail," that higher education needs to focus more on its essential mission of knowledge dissemination. He believes colleges should behave more like corporations, reallocating resources from unproductive programs to improve efficiency and public service. Vedder contends that the threat of failure could motivate institutions to adopt innovative changes, such as revising their academic calendars, which he sees as crucial for survival in a competitive landscape where marginally reputable institutions are struggling.
It's a provocative title. But what I say is colleges need to step up their game, or they're going to fail, and the threat of failing may lead them to become more efficient, better serving the public needs.
The colleges that are literally going out of business are the ones with a marginal reputation. Everyone wants to go to the best place, and as a consequence, the least best places are closing, or are in danger.
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