Let Colleges Fail By Richard K. Vedder
- Narrated by: Stephen Graybill
- Length: 8 hrs and 17 mins
- Release date: 08-05-25
Let Colleges Fail By Richard K. Vedder AudioBook Summary
An urgent warning that colleges and universities are accomplishing less at the same time that they cost students and taxpayers more than ever before; with a startling solution that we should let the free market decide each college’s fate.
Everyone knows American universities are more expensive and less impressive than ever. But no one has come up with a plan to fix them. No one…until now.
Let Colleges Fail: The Power of Creative Destruction in Higher Education is the hard-hitting instruction manual America needs in order to save its institutions of higher learning. The solutions proposed herein are unorthodox. They’re stern. They’re tough. To some, they might even sound utterly shocking. But they’re bound to work.
Richard Vedder, senior fellow at Independent Institute and distinguished professor of economics emeritus at Ohio University, asks the forbidden question: Why do we subsidize universities through taxpayer-provided grants and private donor gifts when the institutions are so obviously failing America’s youth? How can we justify this special status, while businesses offering far more useful goods and services are punished by confiscatory taxes—for simply turning a well-deserved profit?
The history behind these questions is long, winding, and complicated. But the solutions to our current crisis are not. In fact, they’re as time-tested as the study of economics itself.
Vedder reminds Americans of the concept of “creative destruction” (famously introduced by economist Joseph Schumpeter)—the idea that, because markets threaten to reallocate resources from unproductive to productive uses by “creatively destroying” failing businesses, markets actually help failing businesses adapt to the market’s ever-changing needs and realities. It’s sink or swim. And in the face of necessity, most businesses—or at least, those worth their salt—learn, however painfully, to swim.
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