If you were trying to save a small liberal arts university, where would you spend your money? On the best faculty you can get? Or this: "Compared to nearby, cheaper colleges, Manhattanville is small, with old dormitories, poor student activities, and not much to do during the weekends." To answer the question, you have to really ask what the value proposition of the institution is. Though it's common to think it's the faculty, it turns out (as proven in hundreds of other universities elsewhere) that lower paid staff can do the job of teaching nearly as well (and sometimes better). And anyways, these days, students can get the content almost anywhere. But what students are buying is the environment, the networking, the social life. You can't do that in an old run-down institution. Via Dan Shaulis.
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