Vital Signs: this university funding crisis was always coming – COVID-19 just accelerated it
- Written by Richard Holden, Professor of Economics, UNSW
ShutterstockIn the early 1930s a 21-year-old undergraduate at the London School of Economics asked a great question during his summer research project: “if my economics professors are right that markets are an efficient way to allocate resources, then why do firms exist?”
To put it another way, why would an entrepreneur go to the effort...