Freakonomics Radio The University of Impossible-to-Get-Into (Update)
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Aug 22, 2024 
Peter Blair, a Harvard education professor and labor markets expert, dives into the challenges facing America's elite colleges. He discusses the paradox of increasing demand with stagnant supply, questioning why these institutions resist expansion despite rising applicant pools. The conversation also explores the impact of wealth on admissions, the implications of recent Supreme Court rulings on diversity, and the broader value of degrees today. Blair urges a reevaluation of the educational landscape, spotlighting access and the need for reform.
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The Expansion Puzzle
- Elite schools face record application numbers but haven't increased their class sizes.
- Despite high tuition, they maintain low acceptance rates, raising the question of why they don't expand.
Stagnant Elite Growth
- Elite colleges, unlike most others, haven't expanded much since the 1970s-80s, despite increased demand.
- Their growth has been significantly slower (7%) than non-elite schools (60%) during a similar period.
The Prestige Model
- Peter Blair suggests elite colleges operate like luxury brands, restricting supply to increase perceived value.
- This "prestige" model explains declining admissions rates and rising SAT scores at elite institutions.
