Earlier quoted context omitted.
>I've long thought that all universities should run under this model I did too, until I though about it a bit more. You'd end up with Universities cutting all of their "non-profitable" majors, but those things still have some value to society. Perhaps a hybrid model, where the "profitable" majors are free but you pay afterwards, and the unprofitable ones you pay up front.
Sure, I'd be good with that. I also think that if there are some things that are non-profitable but still valuable to society (and no doubt, there are), then the problem is really that the agent isn't capturing enough of the value they are creating for society, and society ought to find an incentive mechanism that changes that. But since we live in a practical world and that is an impractical demand, I agree a hybrid…
more likely (and IMO obviously, when you make this more concrete), educational institutions are overproducing the unprofitable degrees.
for instance, if some degree X is "unprofitable", do we really need to produce new PhDs in it at well above the replacement rate + population growth? that'd be maybe a handful of new PhDs per professor's _lifetime_. then maybe enough undergrads to ensure there's some competition for the PhD pipeline, and that should be about it.