Book DescriptionQuality has never been more important for the future of higher education and our economy than it is today. Unfortunately, the decline in student quality is accompanied by costs that are out of control, a governance system that will not permit any reallocation of resources, and a society that expects higher education to address problems that are well beyond its core competencies. In this timely volume, Robert E. Martin presents a thorough treatment of the social contract between those who fund higher education and those who benefit from it. In-depth discussions include: ? the institution?s role as steward of the higher education social contract ? the role of transaction costs, risk bearing, production technology, and asset ownership in determining the internal structure of the institution ? the market for academic charities ? price, quality, and advertising competition in higher education. Formal models of production and cost, optimal...

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