“The Scandal of College Tuition,” Commentary, August 1992, pp. 23-26.
In a world where parents go into debt to finance their children’s higher education and where alumni, corporations, and Congress are besieged with calls for more donations to colleges and universities, the time is long overdue to ask why college is so costly. Nobel-prize-winning economist Milton Friedman has estimated that colleges could operate at a profit, charging about half of what most Ivy League institutions charge. Why then does college cost so much? What is going on?