Someone Finally Asks the Question

Inspired by this article, economist Arnold Kling notes that colleges and universities must be the most overcapitalized institutions in the country. Education is important - in my world view it's more important than almost anything else - but I don't think much of this money is going for education. It's going for edifice-building and real estate adventures. (I don't notice English professors suddenly tooling around in Porsches.)

I've heard the Harvard endowment is so ridiculously large that they don't actually need to charge tuition - they could easily run the school off the income from the portfolio.

This company does about the same thing as an average college, for considerably less. And people are just being nervous nellies about the Federal investigations in the sector...