THE ECONOMICS OF UNIVERSITY 



EDUCATION 



BEING AN ADDRESS DELIVERED TO THE STUDENTS 

 OF UNIVERSITY COLLEGE, CARDIFF 



By SIR ARTHUR RUCKER, D.Sc, LL.D., F.R.S. 



Principal of the University of London 



The political element in the science of political economy is 

 apt to become so predominant that it is difficult to deal with 

 economic problems in the judicial spirit which is essential to 

 the student of science, but the subject which I have chosen 

 for my address to-night, viz. the Economics of University 

 Education, is, fortunately, still outside the range of controversial 

 politics. 



It was, moreover, treated at some length by the father 

 of the science, Adam Smith, so that, in view of the importance 

 attached to his opinion in other matters, it is worth while to 

 inquire how far the circumstances have altered since his great 

 work was given to the world, and how far his assertions and 

 predictions have stood the test of time. 



The principles which underlie the whole of Adam Smith's 

 discussion of the subject are that the best teaching is that 

 which most directly meets the desires of the student, or, if 

 he is of tender years, the desires of his parents or guardians; 

 and that the best way of securing such instruction is to make 

 the teacher immediately dependent upon fees which the student 

 pays. Adam Smith is thus, as a matter of theory, against 

 endowments, against State support of education, and against 

 free education ; though, as will be shown hereafter, he admits 

 that it is necessary to depart, to some extent, from the strict 

 rigour of his principles. 



A discussion based on his statements must be in part 

 a priori and theoretical; but the fact that many years have 

 elapsed since the Wealth of Nations was written makes it 



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