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Rigging the Price for Higher Education John S. Barry There is no question that the cost of a college degree is increasing rapidly. An oft-cited 1996 study by the General Accounting Office found that tuition and fees at public institutions have increased some 234 percent since 1980 while family income and the general inflation rate have increased only about 80 percent over the same period.Costs at private college and universities have fared little better, increasing more than 220 percent. Many reasons have been given for the increasing costs of higher edition. Some of the most persuasive include the increased demand for colleges degrees, higher overhead costs associated with increased faculty research, rcent reductions in state support of public institutions,and federal student aid programs that indirectly subsidize schools. These all are important factors that increase costs; however, there is another reason not. often mentioned. Colleges and universities, particularly elite private universities exercise a certain degree of monopoly power that allows them to charge each individual student a higher price than would be the case otherwise. This article addresses each of the reasons for increased costs. However, the emphasis is placed on the last one, the monopolistic power of schools. The Reasons for Increasing Costs Increased value of a college degree. The most important reason college costs have escalated is that the value of a college education has increased. In fact, according to the General Accounting Office the average college graduate earned about 43 percent more than the average high school graduate did in1980. Today, the difference in earnings between these same two groups is more than 70 percent. Therefore, more and more families are finding it necessary to succeed in the,job market. At the same time，the college age population in general has increased. This increased demand for higher education has driven up the price of college just as increased demand for