College in the US Is Getting More Affordable: Tyler Cowen

The decline of the American system of higher education has many causes, several of which I have catalogued over the years, but one of the most popular reasons is overstated: cost. Higher education in America is becoming more affordable, as the laws of supply and demand are turning a crisis into a manageable problem.

As college became more expensive in the decades before and just after the turn of the century, students and their families adjusted. Many opted for a cheaper version of the basic product, such as state schools or junior colleges. Others went to vocational school or did ...