Description
Book SynopsisWorking within the context of the evolutionary-institutional transformation of higher education, the authors trace the development of an economic model by which the behavioral tendencies of modern universities can be evaluated. That model is expanded to provide insights to the following questions: Why do universities compete and how do they develop and implement their competitive strategies? How do universities make critical institutional decisions about operational missions, academic policies, and internal resource allocation? Do universities efficiently and effectively pursue the special social functions assigned to them?
Patrick Raines and Charles Leathers present an integrated, coherent theory to explain the behavior of universities and provide a realistic economic model that predicts how universities allocate their scarce educational resources. This alternative view is contrasted with the mainstream explanations of university behavior based on the maximization of student welfare or faculty influences. The authors extend the existing literature on the operation of universities by presenting a history of the evolution of the modern entrepreneurial universities as well as an explanation of academic capitalism.
This absorbing volume will appeal to anyone interested in the history of economic thought or the history of education. Scholars of Veblen, Smith, and Malthus will be fascinated by their individual and comparative theories of the purpose and failures of higher education.
Trade Review'This is an excellent book on the history of economic thought on higher education institutions. . . Written in a lucid style, the book should interest anyone interested in the development of higher education would find it indispensable, as it provides a rich critical synthesis of valuable writings and opinions of a long array of economists on universities. The book also has a lot of relevance for the policymakers engaged in university reforms.' -- Jandhyala B.G. Tilak, Journal of Educational Planning and Administration
'. . . this is a book that can confidently be recommended to anyone with a serious interest in higher education policy or management as well as to any undergraduate or postgraduate students of the economics of higher education.' -- Gareth Williams, Higher Education Review
Table of ContentsContents: 1. Introduction 2. Historical Development of Universities 3. Adam Smith on Failures of English Universities 4. John Stuart Mill on Universities 5. Veblen on Failures of American Universities 6. Veblen’s Economic ‘Model’ of University Behavior 7. Riesman on Veblen and Modern Universities 8. The Buchanan–Devletoglou Economic Model of Universities 9. Recent Economic Models of Higher Education 10. Meeting the Challenge: Explaining the Emergence of ‘Entrepreneurial Universities’ and ‘Academic Capitalism’ Bibliography Index
