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Ricardo Hausmann on How Economies Grow
The Good Fight
The Marketization of Universities
Universities have become highly marketized and influenced by capitalist ideals, leading to skewed incentives for academics. While some of the most well-endowed universities operate like hedge funds with academic functions, the academic life and incentives for academics have deviated from a traditional aristocratic model. The current academic environment, especially in social sciences and humanities, emphasizes publishing in academic journals, often with minimal readership and impact, as a key metric for career advancement. This creates a pseudo-capitalist system within universities, where financial pressures are absent, but academics are subject to the demands of a small group of insiders who determine publication standards. The prevailing environment encourages research output over teaching and broad audience engagement, distorting the traditional purpose of academia.
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