Judith Scott-Clayton of Columbia University reviews “Mission and Money: Understanding the University” by Burton A. Weisbrod, Jeffrey P. Ballou, Evelyn D. Asch,. The EconLit Abstract of the reviewed work begins “Examines higher education as an industry, focusing on how schools compete, how they finance themselves, and what social role each type of college and university plays. Discusses an introduction to the higher education industry; the higher education business and the business of higher education--now and then; whether higher education is becoming increasingly competitive; the two-good framework--revenue, mission, and why colleges do what they do; tuition, price discrimination, and financial aid; the place of donations in funding the higher education industry; endowments and their management--financing the mission; generating revenue from research and patents; other ways to generate revenue--wherever it may be found--lobbying, the world market, and distance education; advertising, branding, and reputation; whether public and nonprofit schools are “businesslike”--cost-consciousness and the choice between higher cost and lower cost faculty; not quite an ivory tower--schools competing by collaborating; intercollegiate athletics--money or mission?; mission or money--what colleges and universities want from their athletic coaches and presidents; and what the public policy issues are. Weisbrod is John Evans Professor of Economics and Faculty Fellow of the Institute of Policy Research at Northwestern University. Ballou is an economist with Mathematica Policy Research. Asch is Research Coordinator at the Institute for Policy Research at Northwestern University…. Index.”
