Here at least I shall be brief. A substantial summary appears at the beginning, and numerous summaries are to be found at the end of sections or chapters.
I have tried to deal with the tough economic problems of higher education, but with my eye on the educational product as well. Unfortunately the measurement of the product is full of difficulties.
In view of the size of our economy, its expected growth, the large contributions of education to our growth, and the possibilities of raising the productivity of the educational dollar, there should be enough resources available for higher education to provide an education for 6 to 7 million students by 1970 at an average quality higher than the current one. Moreover, this could be achieved without putting a burden on students that would close higher education to many of those who should benefit. When one compares the input of labor, capital, and management of our economy with the output, one is struck by the much greater increase in output vis-à-vis input in the years since the Civil War. The difference is in no small way explained by the rising relative investment in education.
The costs of education are large, and they must rise more than GNP in the years to come. Hence the need of tapping all possible sources: government, philanthropy, students where the resources are available, improved techniques for financing, modifications in tax structure that reduce the real costs of tax receipts, and more economical management. Much will depend on the public relations performance of those responsible for higher education and the increased flexibility of faculty once they understand the issues.