The Finance of Higher Education

A wide-ranging examination of the governmental and institutional policies and practices, and essential theories and areas of research that in combination establish the foundation, explore and extend the boundaries, and expand the base of knowledge in the field of higher education finance.

The Contributors

viii

Introduction

1

(8)

Michael B. Paulsen

John C. Smart

Part I: THE REVENUES, EXPENDITURES, COSTS AND AFFORDABILITY OF HIGHER EDUCATION

9

(44)

Trends in Revenues and Expenditures for Public and Private Higher Education

11

(28)

Robert K. Toutkoushian

College Education: Who Can Afford It?

39

(14)

Sandy Baum

Part II: ECONOMIC THEORIES AND THE FINANCE OF HIGHER EDUCATION

53

(212)

The Economics of Human Capital and Investment in Higher Education

55

(40)

Michael B. Paulsen

The Economics of the Public Sector: The Nature and Role of Public Policy in the Finance of Higher Education

95

(38)

Michael B. Paulsen

Costs and Productivity in Higher Education: Theory, Evidence and Policy Implication

133

(60)

Darrell R. Lewis

Halil Dundar

Epilogue

189

(4)

Economic Perspectives on Rising College Tuition: A Theoretical and Empirical Exploration

193

(72)

Michael B. Paulsen

Epilogue

258

(7)

Part III: FEDERAL AND STATE POLICIES AND THE FINANCE OF HIGHER EDUCATION

265

(152)

The Paradox of Growth in Federal Aid for College Students, 1960--1990

267

(54)

James C. Hearn

Epilogue

316

(5)

State Efforts to Keep Public Colleges Affordable in the Face of Fiscal Stress

321

(75)

Michael Mumper

Epilogue

350

(46)

State Policy and Private Higher Education

396

(21)

William Zumeta

Epilogue

412

(5)

Part IV: TOPICS IN THE FINANCE OF HIGHER EDUCATION

417

(126)

The Role of Finances in Student Choice: A Review of Theory and Research

419

(20)

Edward P. St. John

Eric H. Asker

Access to Postsecondary Education: Financing Equity in an Evolving Context

439

(22)

James C. Hearn

Financing Private Colleges and Universities: The Role of Tuition Discounting

461

(19)

David W. Breneman

James L. Doti

Lucie Lapovski

Financing Community Colleges for a New Century

480

(21)

Rick Voorhees

College and University Budgeting: What Do We Know? What Do We Need to Know?

501

(42)

William F. Lasher

Deborah L. Greene

Epilogue

534

(9)

Part V: THE FINANCE OF HIGHER EDUCATION IN THE TWENTY-FIRST CENTURY

543

(26)

The Finance of Higher Education: Implications for Theory, Research, Policy and Practice

545

(24)

Edward P. St. John

Michael B. Paulsen

Author Index

569

(9)

Subject Index

578

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The Finance of Higher Education

Summary

Table of Contents

Supplemental Materials