Here’s the racket that you should have gone into. You’re selling something, a college diploma, that’s deemed a necessity. And you have total pricing power. Better than that: When you raise your prices, you not only don’t lose customers, you may actually attract new ones.

For lack of objective measures, people associate the sticker price with quality: If school A costs more than B, I guess it’s a better school. A third-party payer, the government, funds it all, so that the customer—that is, the student and the family—feels insulated against the cost. A perfect formula for complacency.

“The most innovative university president in America,” Mitch Daniels in the Wall Street Journal’s Weekend Interview, 12/15/18, College Bloat Meets “The Blade” (reformatted).

I’m near the epicenter of Daniels’ doings, just across the Wabash, and it is stimulating.