Thanks, that’s an important detail. I guess it boils down to how much private wealth is too much, and what if anything should we do about it?
An argument on Harvard’s side is that, in the grander scheme of things, they are part of a process that generates phenomenal tax revenue. The state takes their 40% cut off the top of every $150k CS and IB graduate salary after all. Is that a good enough benefit to let us tolerate Harvard’s pile of gold?
There is a related argument that if society is to be the ultimate recipient of the majority of benefits of a university system, then it should probably be state funded. Just like roads (public) trains (ish) electricity (not any more) and food (private but subsidised).
An argument on Harvard’s side is that, in the grander scheme of things, they are part of a process that generates phenomenal tax revenue. The state takes their 40% cut off the top of every $150k CS and IB graduate salary after all. Is that a good enough benefit to let us tolerate Harvard’s pile of gold?
There is a related argument that if society is to be the ultimate recipient of the majority of benefits of a university system, then it should probably be state funded. Just like roads (public) trains (ish) electricity (not any more) and food (private but subsidised).