Dr. Richard Vedder
Dr. Richard Vedder, Distinguished Professor Emeritus of Economics at Ohio University, authored a Forbes column headlined “Why Colleges Need Major Creative Destruction.”
Typically it takes about one-half the number of workers to produce any quantity of goods and services in the American business sector today as it did in 1980. As worker productivity has doubled (implying roughly 2% annual growth), the standard of living has risen for American workers. Contrast that to higher education. It takes more employees to educate a given number of students today than four decades ago –about the same number of faculty but more non-instructional persons such as campus administrators….
Schumpeterian creative destruction is coming to universities, stimulating a bit more innovation and willingness to change. As Plato said in the Republic, necessity is the mother of invention.
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