Evolving Roles of Higher Education in the U.S. Economy: Historical Context for Viewing Changes in Federal Policy and College Performance Goals (WP-25-20)
Burton Weisbrod and Glen Weisbrod
This paper provides a historical review of the evolving roles of colleges and universities in the U.S. economy, with a specific focus on how higher education activities and performance objectives have evolved, and constituencies have expanded over time, driven in large part by national-level policies and federal programs. This includes a wide span of support over time for scientific research enabling technology development, as well as workforce training to meet the changing mix of social and economic activity. The historical review is followed by a discussion of eight key themes concerning higher education today that have emerged from that evolution, ranging from the financing of higher education to its roles in employment training and technology development, as well as issues involving faculty selection, student class choices, and schools’ accumulations of endowments. It highlights the concept of shifting higher education performance objectives and roles, and their implications for students, faculty, educational institutions, government, and industry.