Chapter

Is Higher Education All That Unusual?

Robert B. Archibald and David H. Feldman

in Why Does College Cost So Much?

Published in print October 2010 | ISBN: 9780199744503
Published online January 2011 | e-ISBN: 9780199866168 | DOI: http://dx.doi.org/10.1093/acprof:oso/9780199744503.003.0002
Is Higher Education All That Unusual?

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This chapter compares the time paths for the post–World War II period of higher education prices and the prices of other goods and services produced in the economy. Using simple graphs, it shows that the time path of higher education prices is quite different from the time paths of the prices of durable goods, non-durable goods, and several services. But the chapter concludes that higher education is not all that unusual. The time paths of the prices of some services, particularly those provided by highly educated workers, are quite similar to the time path of higher education prices. The chapter ends with a listing of four facts that emerge from this look at the data and an explanation of how what we have found fits into the workhorse model in economics—supply and demand.

Keywords: durable goods; highly educated workers; non-durable goods; services; supply and demand

Chapter.  4980 words.  Illustrated.

Subjects: Financial Markets

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