Peter F. Drucker quote: “Thirty years from now the big university campuses will be relics. Universities won't survive. It's as large a change as…”

“How much do you think it costs to go to college? Most people are likely to answer by adding together their expenditures on tuition, room and board, books, and the like, and then deducting any scholarship funds they may receive. Suppose that amount comes to $15,000.
Economists keep score differently. They first want to know how much you would be earning if you were not attending college. Suppose that salary is $20,000 per year. This may seem irrelevant, but because you give up these earnings by attending college, they must be added to your tuition bill. You have that much less income because of your education. On the other side of the ledger, economists would not count all of the university’s bill for room and board as part of the costs of your education. They would want to know how much more it costs you to live at school rather than at home. Economists would count only these extra costs as an educational expense because you would have incurred these costs whether or not you attend college. On balance, college is probably costing you much more than you think. And, as we will see later, taking opportunity cost into account in any personal planning will help you to make more rational decisions.”

William J. Baumol (1922–2017) American economist

William Baumol and Alan Blinder, Economics: Principles and Policy (2011), Ch. 1 : What is Economics?

“How much do you think it costs to go to college? Most people are likely to answer by adding together their expenditures on tuition, room and board, books, and the like, and then deducting any scholarship funds they may receive. Suppose that amount comes to $15,000.
Economists keep score differently. They first want to know how much you would be earning if you were not attending college. Suppose that salary is $20,000 per year. This may seem irrelevant, but because you give up these earnings by attending college, they must be added to your tuition bill. You have that much less income because of your education. On the other side of the ledger, economists would not count all of the university’s bill for room and board as part of the costs of your education. They would want to know how much more it costs you to live at school rather than at home. Economists would count only these extra costs as an educational expense because you would have incurred these costs whether or not you attend college. On balance, college is probably costing you much more than you think. And, as we will see later, taking opportunity cost into account in any personal planning will help you to make more rational decisions.”

Alan Blinder (1945) economist

William Baumol and Alan Blinder, Economics: Principles and Policy (2011), Ch. 1 : What is Economics?

“What, exactly, is the cost of this inaction? Estimates of the total national cost of medical malpractice range from $20 billion to $45 billion annually. But this number hardly tells the whole story. There also is the more hidden cost of defensive medicine, including unnecessary testing and second opinions that send patients scurrying through processes that would not otherwise be ordered and deepen the financial burden of America’s health care system by an estimated three percent of our country’s total health care expenditures. Who ultimately pays these costs? Reckless doctors? Faceless insurance companies? Seldom mentioned, the totality of these expenses ultimately falls exclusively on the consumer, since each malpractice award translates ultimately to increased malpractice insurance premiums, which, in turn, translates to either higher health care costs, fewer physicians (with less competitive pricing pressure), or both.”

Michael Johns (1964) American businessman

"Malpractice: Where Will It End?" Orthopedic Technology Review, September/October 2003, by Michael Johns: Advocating Statutory Constraints on Medical Malpractice

“Education and training for all children to be equal in opportunity in all schools, colleges, universities, and other institutions of training in the professions and vocations in life; to be regulated on the capacity of children to learn, and not on the ability of parents to pay the costs. Training for life's work to be as much universal and thorough for all walks of life as has been the training in the arts of killing.”

Huey Long (1893–1935) American politician, Governor of Louisiana, and United States Senator

Number 7 in the sum and substance of the Share our Wealth program (1935); quoted in Hugh Davis Graham, Huey Long (1970), p. 74.

“Health care costs so darn much because we pay so darn little for it… So we have almost no incentive to care about how much it cost… Most of what we spend on health care is other people’s money. We never spend other people’s money as carefully as we spend our own.”

David R. Henderson (1950) American economist

Source: The Joy of Freedom: An Economist’s Odyssey (2002), p. 256

“The people taking care of our children and our parents, they deserve a good wage, good benefits, and a secure retirement. And, it’s crucial that every American have access to the education and skills they need to get the jobs of the future. So we will fight to make college tuition-free for the middle class and debt-free for everyone.”

Hillary Clinton (1947) American politician, senator, Secretary of State, First Lady

Presidential campaign (April 12, 2015 – 2016), Speech in Warren, Michigan (August 11, 2016)

“We need university education in Fiji and must seriously think about starting post secondary education in Fiji. In the near future we hope to see a university college in Fiji and ultimately a fully fledged university”

A.D. Patel (1905–1969) Fijian politician

During 1964 budget debate, he called for the establishment of a university in Fiji.

“The education of all children, from the moment that they can get along without a mother's care, shall be in state institutions.”

Karl Marx (1818–1883) German philosopher, economist, sociologist, journalist and revolutionary socialist

“We don't have a health care system. We have a health care maze. And we don't have a health care crisis. We have a health crisis. Eighty percent of the $2 trillion we spend on health care in this country is spent on chronic disease. If we don't change the health of this nation by focusing on prevention, we're never going to catch up with the costs no matter what plan we have. … And we've got a situation with 10,000 baby boomers a day signing up for Social Security, going into the Medicare system. And I just want to remind everybody when all the old hippies find out that they get free drugs, just wait until what that's going to cost out there.”

Mike Huckabee (1955) Arkansas politician

Republican Presidential Debate, 2007-10-21, quoted in [The Republican Debate on Fox News Channel, 2007-10-21, The New York Times, http://www.nytimes.com/2007/10/21/us/politics/21debate-transcript.html?pagewanted=9, 2011-03-01]
Republican Debates

“Education and health care are not only commercial services, but also public and universal ones. So on top of commerce, what can we do to play our role? What can we do in terms of pension and health in an ageing society?”

Ma Huateng (1971) Chinese internet entrepreneur

"Tencent founder Pony Ma emphasises company’s investment in social value amid increasing antitrust and gaming scrutiny" in South China Morning Post (23 April 2021) https://www.scmp.com/tech/big-tech/article/3130836/pony-ma-emphasises-tencents-investment-social-value-amid-increasing

Help us to complete the source, original and additional information

Peter F. Drucker 180

Related quotes

Related topics