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Richard Vedder’s new book, “Restoring the Promise,” published by the Independent Institute based in Oakland, Calif., is about the crisis in higher education. Vedder, distinguished professor emeritus of economics at Ohio University, summarizes the three major problems faced by America’s colleges and universities.

First, our universities “are vastly too expensive, often costing twice as much per student compared with institutions in other industrialized democracies.” Second, though there are some important exceptions, students “on average are learning relatively little, spend little time in academic preparation and in some disciplines are indoctrinated by highly subjective ideology.” Third, “there is a mismatch between student occupational expectations after graduation and labor market realities.” College graduates often find themselves employed as baristas, retail clerks and taxi

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