Kimball begins this essay by comparing the start of the "golden age" of liberal arts education as the period between about 1950 and 1975 when American higher education's revenue and enrollments of colleges and universities grew enormously. During the subsequent silver age of academe, ending in the Great Recession of 2008-2009,…

This article examines the prominent narrative asserting that liberal arts colleges have continuously declined in number and status over the past 130 years. Bruce A. Kimball identifies problems in this declension narrative and proposes a revision positing that the decline of liberal arts colleges began only after 1970. Further, he maintains that…

In order to explain the rising cost of higher education, economist Howard Bowen in 1980 proposed his "famous law" of institutional finance. Bowen based his "revenue theory of cost" on a study of aggregate quantitative data extending from 1929 to 1979. Neither he nor subsequent economists asked whether or how that…

Background/Context: Endowments of institutions of higher education in the United States have attracted widespread attention in recent decades due to their meteoric rise in value and their precipitous decline during the recent recession. But there has been little research on the beginnings of the significant interest in and importance of…

Rather than banking enormous gifts, Harvard University built its wealth by adhering to a coherent strategy that gradually became the common sense--the prevailing ideology--of how to build and maintain the wealth of private universities. President Charles W. Eliot formulated this "free money" strategy over the course of his administration from 1869…

Case method teaching was first introduced into American higher education in 1870 by Christopher C. Langdell (1826-1906) of Harvard Law School (HLS), where it became closely associated with a complex of academic meritocratic reforms. "Mr. Langdell's method" became, in fact, emblematic, "creating and embodying cultural values and…