How Might Adam Smith Pay Professors Today?
AbstractAdam Smith’s proposal for paying professors was intended to induce increased faculty knowledge. If students have imperfect information about what they learn, and universities can only imperfectly measure the input of faculty time in student learning, publications may be used to measure faculty knowledge. If professors’ ability to publish is positively related to their ability to produce student learning, which universities can imperfectly measure, publications may be necessary to attract more able professors. Since research signals faculty knowledge, schools that do not value publications per se could require higher publication standards and pay higher wages than schools that value only publications.
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Bibliographic InfoPaper provided by Department of Economics, Appalachian State University in its series Working Papers with number 04-08.
Date of creation: 2004
Date of revision: 2005
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