Saving State U.
It’s widely recognized that public colleges and universities are in trouble. With the exception of a few states, most higher education systems are facing substantial financial cuts, reductions in funding that will inevitably lead to higher tuition, fewer offerings and services, or likely some combination of these factors.Part of the problem higher education faces is a breakdown of what Nancy Folbre, a professor of economics at the University of Massachusetts, Amherst, terms “The Big Deal.” Outlined in her new book, Saving State U., Folbre’s Big Deal is similar to existing philosophical notions of asocial contract, one component of which is providing inter-generational insurance—services or benefits given to others with the understanding that they will repay that debt at a later date or are being compensated for previous sacrifices. For example,