“Ultimately, college is expensive in the U.S. for the same reason MRIs are expensive: There is no central mechanism to control price increases. ‘Universities extract money from students because they can,’ says Schleicher at the OECD. ‘It’s the inevitable outcome of an unregulated fee structure.’ In places like the United Kingdom, the government limits how much universities can extract by capping tuition. The same is true when it comes to health care in most developed countries, where a centralized government authority contains the prices. The US federal government has historically been unwilling to perform this role. So Americans pay more for pharmaceuticals — and for college classes. Meanwhile, more and more of the risk gets shifted from government onto families, in both sectors.” (Atlantic):

https://www.theatlantic.com/education/archive/2018/09/why-is-college-so-expensive-in-america/569884/?single_page=true

https://www.theatlantic.com/education/archive/2018/09/why-is-college-so-expensive-in-america/569884/?single_page=true