For many months now, Glenn Reynolds, the genius loci of the popular internet site Instapundit, has been speculating about “the higher education bubble”—the phenomenon of costs at our institutions of higher education spiraling ever upwards, rising at a rate far, far in excess of the rate of inflation. Mirabile dictum, it now costs significantly more than $50,000 per annum to attend college at 100 institutions (up from fifty-eight last year and five the year before). But this, as The Chronicle of Higher Education reported last month, is hardly surprising: the cost of administering college has also risen dramatically.

By “the cost of administering,” incidentally, we mean the cost of administrators. In 2008, thirty college presidents made more than $1 million. Bernard Lander, the president of Touro College in New York, had a...

 
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