Our higher education system is loaded with wasteful expenditures and among the largest are the contracts with professors who teach poorly and spend much of their time on incomprehensible “research.” Gary North offers a good example in this piece.

Adam Smith commented on the difference between professors who were paid by their students (who tended to be very engaged) and those who were paid by their university (who tended to be slackers). Almost all profs are now in the latter category and many of them milk the system to the max.