"Current commentary about the US higher education system is steeped in crisis rhetoric of impending doom. High costs, exploding debt, and a digital tsunami supposedly will combine to disrupt and sweep away many of the nation's higher education institutions, or change them beyond recognition. In...

Many have argued that because the cost of attending college has increased more rapidly than family income, college has become less affordable. In this paper, we argue that this is not the correct way to think about affordability. Goods and services are more or less affordable if the consumer can...