Campus economics : how economic thinking can help improve college and university decisions / Sandy Baum, Michael S. McPherson.

Format:

Book

Author/Creator:

Baum, Sandy (Sandra R.), author.

McPherson, Michael S., author.

Language:

English

Subjects (All):

Universities and colleges--Finance.

Universities and colleges.

Universities and colleges--United States--Finance.

United States.

Physical Description:

1 online resource (168 p.) : 23 b/w illus. 7 tables.

Place of Publication:

Princeton, New Jersey : Princeton University Press, [2023]

Language Note:

In English.

Summary:

"An invaluable primer on the role economic reasoning plays in campus debate and decision making. Campus Economics provides college and university administrators, trustees, and faculty with an essential understanding of how college finances actually work. Sandy Baum and Michael McPherson explain the concepts needed to analyze the pros, the cons, and the trade-offs of difficult decisions, and offer a common language for discussing the many challenges confronting institutions of higher learning today, from COVID-19 to funding cuts and declining enrollments. Emphasizing the unique characteristics of the academic enterprise and the primacy of the institutional mission, Baum and McPherson use economic concepts such as opportunity cost and decisions at the margin to facilitate conversations about how best to ensure an institution's ongoing success. The problems facing higher education are more urgent than ever before, but the underlying issues are the same in good times and bad. Baum and McPherson give nontechnical, user-friendly guidance for navigating all kinds of economic conditions and draw on real-world examples of campus issues to illustrate both institutional constraints and untapped opportunities. Campus Economics helps faculty, administrators, trustees, and government policymakers engage in constructive dialogue that can lead to decisions that align finite resources with the pursuit of the institutional mission"-- Provided by publisher

"An invaluable primer on the role economic reasoning plays in campus debate and decision making"-- Provided by publisher

Contents:

Frontmatter

Contents

Acknowledgments

Introduction

Chapter one Colleges, College Students, and College Finances

Chapter two Basic Economic Concepts and College Financing

Chapter three Building Blocks of College Finance

Chapter four Is a College a Business?

Chapter five How Should We Think about the Compensation Budget? Salaries, Compensation, and Faculty Status

Chapter six Do We Really Have to Cut the Budget?

Chapter seven Can Pricing and Financial Aid Policies Be More Transparent?

Chapter eight What Is the Role of College Endowments? The College's Savings Account

Chapter nine Conclusion: Moving Forward

Notes

References

Index

Notes:

Includes bibliographical references and index.

Description based on print version record.

ISBN:

0-691-22993-7

OCLC:

1343248799