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American higher education faces some serious problems-but they are not the ones most people think. In this brief and accessible book, two leading experts show that many so-called crises-from the idea that typical students are drowning in debt to the belief that tuition increases are being driven by administrative bloat-are exaggerated or simply false. At the same time, many real problems-from the high dropout rate to inefficient faculty staffing-have received far too little attention. In response, William G. Bowen and Michael S. McPherson provide a frank assessment of the biggest challenges confronting higher education and propose a bold agenda for reengineering essential elements of the system to meet them. The result promises to help shape the debate about higher education for years to come.Lesson Plan shows that, for all of its accomplishments, higher education today is falling short when it comes to vital national needs. Too many undergraduates are dropping out or taking too long to graduate; minorities and the poor fare worse than their peers, reinforcing inequality; and college is unaffordable for too many. But these problems could be greatly reduced by making significant changes, including targeting federal and state funding more efficiently; allocating less money for "merit aid" and more to match financial need; creating a respected "teaching corps" that would include nontenure faculty; improving basic courses in fields such as math by combining adaptive learning and face-to-face teaching; strengthening leadership; and encouraging more risk taking.It won't be easy for faculty, administrators, trustees, and legislators to make such sweeping changes, but only by doing so will they make it possible for our colleges and universities to meet the nation's demands tomorrow and into the future.

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"An invaluable primer on the role economic reasoning plays in campus debate and decision making. Campus Economics provides college and university administrators, trustees, and faculty with an essential understanding of how college finances actually work. Sandy Baum and Michael McPherson explain the concepts needed to analyze the pros, the cons, and the trade-offs of difficult decisions, and offer a common language for discussing the many challenges confronting institutions of higher learning today, from COVID-19 to funding cuts and declining enrollments. Emphasizing the unique characteristics of the academic enterprise and the primacy of the institutional mission, Baum and McPherson use economic concepts such as opportunity cost and decisions at the margin to facilitate conversations about how best to ensure an institution's ongoing success. The problems facing higher education are more urgent than ever before, but the underlying issues are the same in good times and bad. Baum and McPherson give nontechnical, user-friendly guidance for navigating all kinds of economic conditions and draw on real-world examples of campus issues to illustrate both institutional constraints and untapped opportunities. Campus Economics helps faculty, administrators, trustees, and government policymakers engage in constructive dialogue that can lead to decisions that align finite resources with the pursuit of the institutional mission"-- "An invaluable primer on the role economic reasoning plays in campus debate and decision making"--

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