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Lumifer comments on Open Thread for February 18-24 2014 - Less Wrong
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That's pretty easy -- imagine a fourth-rate university the only interest of which is extracting as much money from students (and the federal government) as they can.
Yes, fair enough. I was being hyperbolic about "can't imagine" -- I should have said, "a university run purely for the preferences of the students would be very far from modern American universities, which are accountable to accreditors and donors, and which have a long tradition of faculty governance.."