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    I have a serious problem with your thesis about university endowments.

    Such rigor frees a University from the financial toils of ordinary private enterprise. It puts them in the position of unmoved mover that can mount expeditions into endeavors which benefit our entire society, but no one else is in a place to fund.

    Why then do universities have to beg for government grants to fund their research? Why do they need to have such astronomical tuition fees? Shouldn’t admission be free, shouldn’t grantwriting be unheard-of? When was the last time either of those things were true?

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      This is a good point, I’ll need to think more about it. Tentatively, I’m fairly sure the basic reason is that there will always be rewards for something willing to ‘put in the work’ even if they have a basic income of sorts. A University generally doesn’t need to worry about keeping the lights on if it’s responsibly managed, is the idea I think.

      Another problem is that universities haven’t been responsibly managed recently. As you’re undoubtedly aware costs have ballooned in part because of a desire to have sleek shiny campuses with gyms and extraneous services, along with a hoard money sucking administration costs. The middle administration of Universities seems to get bigger and bigger leaving the professors with less and less. Rivers of ink have been spilled on the subject so I won’t try and explain why that’s happening.

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