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Francis Wayland: Perspectives of a Nineteenth Century Political Economist on the "Business" of Higher Education

Author

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  • William J. Barber

    (Wesleyan University)

Abstract

The Reverend Francis Wayland, author of the most widely-read textbook on political economy in pre-Civil War America, was persuaded that higher education should be guided by market principles. Using arguments derived.from classical economics, he diagnosed shortcomings in the U.S. collegiate system of the first half of the nineteenth century. His proposed remedies had sweeping ramifications for faculty compensation, for the program of studies, and for the allocation of institutional resources. This paper establishes linkages between his thought as an economist and as an educational reformer. As president of Brown University, Wayland translated his ideas on academic organization and management into practice in the 1850s. The results of that experiment in applied economics are examined.

Suggested Citation

  • William J. Barber, 1992. "Francis Wayland: Perspectives of a Nineteenth Century Political Economist on the "Business" of Higher Education," Eastern Economic Journal, Eastern Economic Association, vol. 18(2), pages 133-141, Spring.
  • Handle: RePEc:eej:eeconj:v:18:y:1992:i:2:p:133-141
    as

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    File URL: http://web.holycross.edu/RePEc/eej/Archive/Volume18/V18N2P133_141.pdf
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    References listed on IDEAS

    as
    1. Michael C. Keeley & Gary C. Zimmerman, 1986. "Deposit rate deregulation and the demand for transactions media," Economic Review, Federal Reserve Bank of San Francisco, issue Sum, pages 47-62.
    2. William Poole, 1969. "Optimal choice of monetary policy instruments in a simple stochastic macro model," Special Studies Papers 2, Board of Governors of the Federal Reserve System (U.S.).
    3. Goldfeld, Stephen M. & Sichel, Daniel E., 1990. "The demand for money," Handbook of Monetary Economics,in: B. M. Friedman & F. H. Hahn (ed.), Handbook of Monetary Economics, edition 1, volume 1, chapter 8, pages 299-356 Elsevier.
    4. William Poole, 1970. "Optimal Choice of Monetary Policy Instruments in a Simple Stochastic Macro Model," The Quarterly Journal of Economics, Oxford University Press, vol. 84(2), pages 197-216.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    Education;

    JEL classification:

    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals
    • I21 - Health, Education, and Welfare - - Education - - - Analysis of Education

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