The massive regulatory cholesterol in higher education was justified saying “there are not enough colleges”, “not everybody can afford private colleges”, “it is very hard to measure the quality of a college”, and “consumer choice is often restricted by geography”. (PTI) Government regulations are justified in the name of creating public goods (assets where private sector animal spirits alone are not enough), controlling externalities (reducing costs imposed by somebody on everybody), reducing information asymmetry (protecting uninformed consumers) and ending monopolies (giving consumers choice). The massive regulatory cholesterol in higher education was justified saying “there are not enough colleges”, “not […]
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