Wealth, Cost, and Price in American Higher Education: A Brief History

Colleges and universities are richer than ever, but the price of attending them has risen due to endowments and fundraising campaigns. Bruce A. Kimball and Sarah M. Iler's book "Wealth, Cost, and Price in American Higher Education" reveals how these trends began 150 years ago and why they have intensified in recent decades, increasing the heavily subsidized price paid by students. They trace the shifting public perception of higher education and its correlation with rising costs, stagnating wages, and explosive student debt, raising fundamental questions about equity in US higher education and its contribution to social mobility and democracy.

Format: Hardback
Length: 336 pages
Publication date: 28 March 2023
Publisher: Johns Hopkins University Press

Colleges and universities are experiencing unprecedented wealth, yet the cost of attending them has soared significantly. This phenomenon has drawn criticism from those who argue that higher education has become overly expensive, leading to mounting debt for students. In their book, "Wealth, Cost, and Price in American Higher Education," Bruce A. Kimball and Sarah M. Iler delve into the origins and intensification of these trends, which began over 150 years ago.

The late nineteenth century marked a period of fierce competition among American colleges and universities to expand their revenue, wealth, and production cost. This drive was fueled by the need to enhance quality and prestige and accommodate the growing number of students. Over time, the rising wealth and cost of higher education have reinforced each other, resulting in a steeply subsidized price paid by students.

Kimball and Iler explore the strategy and reasoning behind this wealth-cost double helix, as well as the new fundraising and endowment investing tactics that have fueled it. They conduct extensive archival, documentary, and quantitative research to trace the shifting public perception of higher education and its correlation with rising costs, stagnant wages, and explosive student debt. The book also highlights how stratification of wealth in higher education has become closely intertwined with wealth inequality in American society, raising fundamental questions about equity and social mobility in US higher education.

The authors argue that the increasing cost of higher education has significant implications for individuals, society, and the economy. They suggest that policymakers and educators should consider strategies to address these challenges, such as increasing financial aid, promoting innovation in teaching and learning, and reevaluating the role of higher education in society.

In conclusion, "Wealth, Cost, and Price in American Higher Education" provides a comprehensive analysis of the factors contributing to the rising cost of higher education and its impact on individuals, society, and the economy. It sheds light on the historical roots of this phenomenon and offers insights into the strategies and tactics that have fueled its intensification. By addressing these challenges, policymakers and educators can work towards creating a more equitable and accessible higher education system that promotes social mobility and democracy.

Weight: 598g
Dimension: 158 x 236 x 29 (mm)
ISBN-13: 9781421445007