Question

Not too long ago a wall Street Journal article focused on the "astronomical" salaries of college coaches. It was noted that academic types have long lamented that college coaches are paid much more than the professors or even the presidents of the Universities. Even at many public universities coaches make millions more than the state governors. Should the coaches be paid such high salaries? Are there any difference between the private or public colleges and universities? Use the concepts of marginal analysis to discuss. (For the sake of completeness you may add other arguments too.)

Answer 1

The concept of College Coach or College Coaching is not very old. It is the product of the 20^th century. It was long seen that the students had to face many mental and the hardships of time to figure out and decide which college they should take admission in to after their school studies are over. There was also an indecision due to the differentiated caliber level of the different students. Hence the concept of college coaching came up. However, it now appears that the salaries of the colleges, or in economic terns the profit share of the college coaches, as that compared to the established and recognized institutions of higher education, is much higher. The college coaches are earning in huge proportion. The college coaches are not an alternate educational institution, but a group of those highly and capable educated individuals who are ready to pass on their knowledge and experience and help the students to learn at the convenience of the students. If only the economic and financial perspective of the difference between the established and recognized institutions and that of the college coaches are compared to, then it must be understood that , the college coaches have and could only develop to what it is now, owing to the failure of the educational instructions to meet the hardships faced the students, or their failure to meet the expectations or desires of the students. If a student would have received the desired level of attention and appreciation and guidance from the financial institutions, then the students would have never detracted from the conventional study pattern. However, the college coaches are seen to dedicate their complete time in taking proper education care of the individual students, which is a comparatively difficult task. Therefore, in purely economic terms, the marginal analysis would sum up this situation as , since the students get more return out of their per unit investment in the college coaches as compared to that in the conventional educational institutions, therefore the students are ready to pay to such institutions which to some extent justifies the high salaries earned by the college coaches.

In literal terms, there must be no difference between the public and the private college or universities, however, in reality, it is observed that the private colleges or universities are much better organized and maintained by the private firms, in comparison to that of the public institutions. The Government hardly puts in timely and necessary donations to the public educational institutions which results in such institutions not being able to develop themselves with the changes of time. The private educational institutions are n contrast, and ready to move ahead to time and provide better and better facilities to the students, alongside producing a much competitive and advanced educational set up. This leads to more of the students wanted to study in the private institutions as compared to the public education institutions.

From the above discussion we can some up this present nature of the student’s mindset in the sphere of choosing educational institutions. In pure economic terms, the marginal benefit of the students is what they are primarily concerned about. That is, the student is concerned about , how much additional benefit of education is he / she deriving out of paying one additional unit of money to the college coaches or the private or public institutions. When the student figures out this, he / she chooses to study in that institution and is ready to pay any amount of money to attain the study. This is because, the student is getting maximum satisfaction out of his investment in his decision, rather than going by the conventional methods of education.