Three key American enterprises have seen costs rise much faster than inflation over the past generation... housing, health care, and higher education. Houses have grown bigger and better.... Doctors do things they could not imagine a generation ago. Costs may have risen faster than quality, but there is no doubt that quality has risen... substantially.

Higher education is similar -- on the cost side. Benefit is another story. There is little reason to believe that undergrads and graduate students are better educated today than a generation ago.... Teaching loads of senior professors have declined; probably teaching quality has declined with it.

The culture of research universities has grown ever more contemptuous of students, especially undergraduates, who are seen as an interruption of one's real work rather than the reason for the enterprise. Which means that, year by year, students and their parents pay more for less. That isn't a sustainable business plan.

If undergraduate education is too often an afterthought, graduate education is too often a con game. A sizeable percentage of PhDs will never get tenure-track teaching jobs, which are the only jobs for which their education trains them. Since no jobs await them, they hang around longer getting their degrees, all the while teaching classes and doing research for their academic sponsors.

It's a great deal--for the sponsors. For the grad students, it's akin to buying a daily lottery ticket as a retirement plan....