Columbia Also Blows Money on Diversity Hiring
Last week I mentioned the new initiative at Penn to spend $100 million on making the faculty “more diverse.” Today we learn from K. C. Johnson at Minding the Campus that Columbia is going to squander $30 million on a similar crusade.
Economists have been pointing out for a long time that the incentives facing officials in the nonprofit sector are different from those facing officials who have to worry about the bottom line. The former are far more free to indulge in personal preferences because there is no market comparable to the market for corporate control among nonprofits. Lee Bollinger doesn’t have to worry about a hostile takeover because he wastes money on an unproductive pecadillo like “diversity.”