Chapter

Cost and Quality in Higher Education

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/9780199744503.003.0005
Cost and Quality in Higher Education

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The previous chapter explained why technological innovation increases the demand for highly skilled workers in the economy. These same changes affect higher education. Higher education is much more high-tech and equipment intensive than it used to be. But the adoption of new technologies has not reduced college costs as it has in many other industries. This chapter explains why colleges and universities react to technological advancement by changing what they do instead of by reducing the cost of producing the same service. Colleges and universities must meet a “standard of care” driven largely by the labor market their students will face. In order to meet the expected standard of care, colleges and universities have to provide an up-to-date education that fully utilizes new technology, even if that raises cost.

Keywords: college costs; quality; standard of care; technology

Chapter.  7282 words.  Illustrated.

Subjects: Financial Markets

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