If you're laughing at how Harvard is trying to charge full tuition for Zoom classes wait until mid-tier universities you've never heard of try to do the same
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In a normal year, Harvard spends about $100k per undergraduate, and charges on a sliding scale from $0 to $70k, depending on family income and wealth. This year they will probably spend $120k per undergraduate. The same sliding scale is looking like more of a bargain.
I'm sure it's true that Harvard spends more than it charges, but whether something is a bargain depends how much value it gives the buyer, not how much it cost the seller to produce.
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For-profit companies try to capture the consumer surplus by pricing products and services close to their value to the consumer. But nonprofits just aim to break even, a large consumer surplus is good. High demand suggests consumer surplus from Harvard education is pretty large.
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I personally think elite schools like Harvard should charge the wealthy a lot more. $200k/yr wouldn't put much of a dent in demand from the wealthy, of whom Harvard has a lot.
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It depends on both as both factor into final market price. But the value remains unchanged. People valuate for the piece of paper that opens doors for them, not an actual 'education'.
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Major upheaval coming to academia. Arizona State U already has established online, on campus, hybrid programs with differentiated pricing. Likely template for what’s ahead. More utilitarian, less social & networking... Harvard and co may not be hit immediately, but it’s coming.
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Also more “practical” less “core education”. I don’t think all of this is a change for the better, but it will happen on a massive scale regardless of caveats. Maybe it gets corrected later. Academia is not set up for change and it will not handle it well.
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