Dr. Richard Vedder
Dr. Richard Vedder, Distinguished Professor Emeritus of Economics at Ohio University, was quoted in two stories about higher education affordability.
He was quoted in Business Insider for a story about some colleges offering a price-match guarantee headlined “To compete for top students, colleges have borrowed a tactic retailers have been using for years.”
“The demand for higher education has risen dramatically since 1985,” Richard Vedder, an author and distinguished professor of economics emeritus at Ohio University, previously told Business Insider. “Once demand goes up and nothing else happens, that will raise prices.”
The more students who want to attend college, the more the cost of college increases. As a result, the rewards of college have expanded and grown from 1985 to a little after 2000 and leveled off in the past decade.
“The advantage of a degree today is less than it was 10 years ago, because of the rising cost,” he said.
He talked to the GW Hatchet about George Washington University exploring how students might graduate earlier in a story headlined “Officials explore logistics of free 18th credit.”
Richard Vedder, an economics expert at Ohio University, said an 18th credit could have “moderately noticeable short-term financial effects” for the University, depending on the number of students who take advantage of a new policy. If 100 students take advantage of an 18th credit, the University could lose about $200,000, he said.
“With a budget of 700 million, maybe a billion – it’s not any big deal,” he said. “But if you’re talking 500 students, or 1,000 students, or 2,000 students, it starts to make some difference.”
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