is the Fletcher Jones professor of economics at Pomona College. His most recent book, written with Margaret Smith, is “Two imminent threats to higher education are bloated bureaucracies and clever chatbots. Herewith, I humbly propose a straightforward way to solve both problems.
And just like that, the college would be rid of two nuisances at once. Administrators could do what administrators do — hold meetings, codify rules, debate policy, give and attend workshops, and organize social events — without having to deal with whiny students and grumpy professors. In general, administrators are paid for by a college or university’s endowment. As of December, Pomona’s endowment was. The annual payout from its endowment is set at between 4.5 and 5.5 percent of the average value of the endowment over the preceding five years. A 5 percent payout would provide each of 310 administrators an annual allotment of $450,000, which would easily provide generous compensation, a wide variety of benefits, and frequent travel to conferences and workshops worldwide.
Obviously, each institution of higher learning would use its own endowment, properties and other assets to determine the equilibrium number of administrators that could be supported.