Another LRB article on universities that questions some assumptions about Ivy League universities and the way that the government seems to be uncritical.
The following is a key quote:
"Might markets have the beneficial side effect of driving up academic standards? Much depends on the measure you use; but the academic standard that markets are most likely to drive up is the one that matters most to high-fee-paying students: marks. Way back when, the average mark in the US was supposed to be a C. Nowadays, the more expensive the university, the higher the average mark, with the average in private universities now an A-minus. Why is grade inflation so closely correlated with fee inflation? The reason can easily be guessed. If you’ve attended one of America’s hundred costliest colleges or universities and paid upwards of $200,000 for a four-year degree, then it had better be a good one."