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Yeah, I think we largely agree. At just a 2x pay cut, and the potential to be an tenured scholar, there are plenty of people who want to try for it. It's also close to the height of the job market right now, with unemployment very low. That pay disparity may go down quite a bit during the next recession.

>The broader point is that outside of R1, prices mostly reflect the fact that for most students education doesn't scale very well and experienced human labor is more expensive than ever. Those are self-reinforcing, for obvious reasons. Case-in-point: the would-be educator who can't afford a 200k pay cut because of the loans they took out for their own education.

The challenge here is that for the 85% of students getting an education from a public school, is the increase in tuition costs they've seen due to increases in expenditures (which I haven't seen any supporting data for), or a decrease in state funding of tertiary education (which is wide-spread)?

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