Undergraduate students, their parents, and the taxpayers who subsidize public education spend large sums of money on what they imagine to be a high-quality academic experience for young people. What those students often get, at least for the first two years and sometimes for all four, are behemoth classes taught, sometimes indifferently, by poorly paid, minimally supervised, time-harassed, and even burned-out "contingent" faculty whose connections with university life are tenuous.
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Western governments have compounded the economic crisis by rejecting the one force that can end it.
Rather than engaging in pure monetary policy to ensure long-run price stability and prevent erratic...