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In the United States today, there are some 3,400 separately governed colleges and universities, amounting to a higher education industry with expenditures that constitute 2.8% of the gross national product. Yet, the economic issues affecting this industry have been paid relatively little attention. In this collection of eight essays, experts in economics and education bring economic analysis to bear on such underexamined topics as the nature of competition in higher education, higher education's use of resources, and who chooses to purchase what kind of education and why. In higher education, supply refers to such issues as government support for public colleges and universities, the means by which graduate programs allocate financial support to students, and the criteria that universities use for investing endowments. Demand pertains to patterns of student enrollment and to the government, business, and individual market for the service and research activities of higher education. Why are tuitions nearly the same among schools despite differences in prestige? How are institutions with small endowments able to compete successfully with institutions that have huge endowments? How are race and ethnicity reflected in enrollment trends? Where do the best students go? What choices among colleges do young people from low-income backgrounds face? This volume addresses these questions and suggests subjects for further study of the economics of higher education.
How do the benefits of higher education compare with its costs, and how does this comparison vary across individuals and institutions? These questions are fundamental to quantifying the productivity of the education sector. The studies in Productivity in Higher Education use rich and novel administrative data, modern econometric methods, and careful institutional analysis to explore productivity issues. The authors examine the returns to undergraduate education, differences in costs by major, the productivity of for-profit schools, the productivity of various types of faculty and of outcomes, the effects of online education on the higher education market, and the ways in which the productivity of different institutions responds to market forces. The analyses recognize five key challenges to assessing productivity in higher education: the potential for multiple student outcomes in terms of skills, earnings, invention, and employment; the fact that colleges and universities are “multiproduct” firms that conduct varied activities across many domains; the fact that students select which school to attend based in part on their aptitude; the difficulty of attributing outcomes to individual institutions when students attend more than one; and the possibility that some of the benefits of higher education may arise from the system as a whole rather than from a single institution. The findings and the approaches illustrated can facilitate decision-making processes in higher education.
Composite work in economic research on higher education in the USA - covers labour demand and supply of professional workers and university graduates, financing educational investment, etc. References and statistical tables.
This book examines the many ways in which economic concepts, theories and models can be used to examine issues in higher education. The topics explored in the book include how students make college-going decisions, the payoffs to students and society from going to college, markets for higher education services, demand and supply in markets for higher education, why and how state and federal governments intervene in higher education markets, college and university revenues and expenditures, how institutions use net-pricing strategies and non-price product-differentiation strategies to pursue their goals and to compete in higher education markets, as well as issues related to faculty labor markets. The book is written for both economists and non-economists who study higher education issues and provides readers with background information and thorough explanations and illustrations of key economic concepts. In addition to reviewing the contributions economists have made to the study of higher education, it also examines recent research in each of the major topical areas. The book is policy-focused and each chapter analyses how contemporary higher education policies affect the behaviour of students, faculty and/or institutions of higher education. "Toutkoushian and Paulsen attempted a daunting task: to write a book on the economics of higher education for non-economists that is also useful to economists. A book that could be used for reference and as a textbook for higher education classes in economics, finance, and policy. They accomplish this tough balancing act with stunning success in a large volume that will serve as the go-to place for anyone interested in the history and current thinking on the economics of higher education.” William E. Becker, Jr., Professor Emeritus of Economics, Indiana University
Higher education in the United States is a complex and multilayered system where open-access community colleges coexist with highly selective, 4-year institutions to which only a handful of students each year gain access. Each institution plays a unique role in this marketplace, and students across the spectrum engage with the system at different--and often, multiple--levels. Much of the national debate about postsecondary education in the United States in recent years has centered on the pervasive gaps in access to, and success in, higher education--across racial/ethnic, socioeconomic, or gender lines. This discourse typically takes a narrow view, focusing on one type of institution (e.g., for-profit colleges) or one type of student (e.g., low-income, first-generation students). Much of this popular narrative misses the forest for the trees, failing to situate individual students' contexts in the larger narrative of supply and demand in the higher education marketplace. This research brief, along with its companion brief, aims for a wider lens by including the universe of postsecondary institutions in the United States and situating the racial/ethnic gaps in college enrollment in the context of the changing American demographic. This brief takes a data-based approach to describing trends in college admission, primarily focusing on how the changing face of the U.S. high school graduate has translated into the shifting demographic of the U.S. first-time college student. Data used in the following analyses come from the U.S. Department of Education's Integrated Postsecondary Education Data System (IPEDS) and the Private School Survey, as well as from the Western Interstate Commission for Higher Education (WICHE). This brief unfolds in three parts: First, the authors briefly describe the high-level trends in high school graduation and college enrollment, paying special attention to the outcomes of different race/ethnic groups. They then disaggregate college enrollment by college institution level and examine how different racial/ethnic groups interact with the system at different levels, and finally, briefly identify a few key trends in the migration patterns in higher education market. A bibliography is included. [For the companion brief "Supply and Demand in the Higher Education Market: College Admission and College Choice," see ED562849.].
The last two decades have been a turbulent period for American higher education, with profound demographic shifts, gyrating salaries, and marked changes in the economy. While enrollments rose about 50% in that period, sharp increases in tuition and fees at colleges and universities provoke accusations of inefficiency, even outright institutional greed and irresponsibility. As the 1990s progress, surpluses in the academic labor supply may give way to shortages in many fields, but will there be enough new Ph.D.'s to go around? Drawing on the authors' experience as economists and educators, this book offers an accessible analysis of three crucial economic issues: the growth and composition of undergraduate enrollments, the supply of faculty in the academic labor market, and the cost of operating colleges and universities. The study provides valuable insights for administrators and scholars of education.
Explores trends and projections in energy supply and demand using real-life case studies and modeling techniques.
The recent financial crisis had a profound effect on both public and private universities. Universities responded to these stresses in different ways. This volume presents new evidence on the nature of these responses and how the incentives and constraints facing different institutions affected their behavior.
A report prepared for the Carnegie Commission on Higher Education.