The title of this blog posting is known as Stein’s law. It also applies to the tuition hikes at University of New Mexico which I wrote about yesterday. Rob Nikolewski over at Capitol Report New Mexico has done the math and found that the cost of in-state tuition and required fees at the University has nearly tripled (up more than 170 percent) over the past 15 years.
Simply put, these rapid annual increases in tuition are not sustainable. Either fewer New Mexicans will be able to afford an education for their children or the education delivered at the University will have to evolve in such a way as to return to a sustainable economic model. I certainly prefer the latter, but that involves real leadership and tough decisions on the part of the folks leading the institutions of New Mexico government and specifically Higher Education in our state. Of course, it is worth noting that New Mexico is not alone in seeing rapid annual increases in tuition at institutes of higher education without requisite improvements in education quality/job prospects as reported by The Economist.