The News & Observer has a story today about the success UNC has had this year in retaining faculty members who had employment offers at other universities.

Due to a “war chest” devoted to beating offers made by other schools, last year UNC managed to keep 42 of 58 profs who had job offers elsewhere. That contrasts with a retention rate of less than 33 percent back in 2002-03.

All right. Here’s the important question — was there any detectable decline in anything that matters to the people of the state back in the bad old days when UNC “lost” more of these bidding wars than it won? Did UNC students learn less in 2003-04 when somewhat more classes were taught by faculty members who had recently been hired to fill vacancies?

Higher faculty salaries do matter in one respect. It boosts a school’s US News ranking, which is partly based on faculty compensation. I don’t think, however, that the US News ranking of Chapel Hill has any real effect on the people of the state. Yes, a few like to crow about an “improved” ranking (although that hasn’t happened), but that and $2.89 will buy you a gallon of gasoline.