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Listen "7. Do Professors' Salaries and Baumol (Service) Cost Disease Explain Why College Costs So Much?"
Episode Synopsis
Send us a textService fields such as higher education do not experience large improvements in efficiency so the cost of providing that service rises. The salaries of professors may contribute a minor amount to the rising cost of college; however, reduced teaching loads and other perks are more important factors which cause the price of tuition to go up.
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