In gatherings of faculty, administrators, and supporters we comforted each other by saying that our critics simply didn't get it. In this we should hear an echo from years ago from the other great American enterprises like steel, automobiles, and electronic appliances. Each enterprise thought it controlled its world but failed to understand the challenges of its competitors, and each either disappeared as a competitive business or had to regroup to survive. We sell products to many customers, and we spend our income on people, facilities, and services. As high-technology businesses, universities support the research and development that create their future products.
Universities depend on a long-term investment in the quality and productivity of their faculty.
None of this is revolutionary thinking or particularly controversial, but for many of us it is uncomfortable. We do not like to think this way. We could avoid it when the market for our products appeared endless and the competition for dollars gentle. We no longer have this luxury. Today, universities compete bitterly for dollars.