Two economists first summarize some of the arguments for why a college education has become so expensive and then provide their own overview based on “the technological forces that have reshaped the entire American economy”: rising costs relative to the price of goods associated with the time necessary to build relationships between faculty and students, a highly educated workforce, and the necessity for schools to purchase expensive technology devices to keep up with particular fields of research.

Taking this sort of view suggests that it won’t be easy to reduce costs of education since the issues present in colleges and universities are issues the entire economy faces.

h/t Instapundit