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scientism comments on Helpless Individuals - Less Wrong
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I recall reading somewhere that one of the reasons Harvard has so much money is that the majority of donations they receive are earmarked for a narrow range of projects and they receive more money than they can spend in those areas (while other areas remain underfunded). I can't find the article but maybe someone else remembers it. Regardless I wouldn't be so quick to assume that many people are funding universities without restrictions on how the funds must be used.
I'm not sure I buy the Harvard story (even if it had some truth to it, there are lots of ways to get around this sort of thing, and if it were ever a serious constraint I'd imagine Harvard would be pretty good at finding those ways by now). But your broader point is valid; it would be good to have actual data about this.
The Harvard story is actually true, and yes, they have found the ways around it.
Basically, one main strategy is that you invest the original donation in such a way that the dividends and capital gains go into the general endowment. Within a generation or two the problem is solved. You can do that when you're immortal.