Word: generalizing
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Dates: during 1960-1969
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...saying that the money was just reinvested. That reserve fund, in fact, is an excellent example of income disuse; it has grown 2,590 per cent since the end of the Second World War (or more than four times as fast as the value appreciation of the general investments) so that it now amounts to more than $64 million...
...that the maximum which prudence allows is being spent from endowment income. Taking a larger share of the load not borne by fees would be, on the long run, suicidal. Is this true? From the end of the Second World War to 1967, the market value of the general investment almost sextupled, which means an average increase of about 8.4 per cent a year compounded. This annual rate of increase is made up mainly of value appreciation but it also includes gifts for capital and undistributed "income." Put in more general terms, the investments have increased about...
...first years during which fees were subsidized, the growth rate of the general investments might be cut back to 6.5 per cent, but this rate would gradually grow back toward the original 8.4 per cent. (The full version of the financial research is available...
...even determining such a figure as the cost to educate the average student. Harvard has many sources of income of which tuition is one small one. Students may already pay more than "it costs to educate them." That is, already one should visualize the tuition as going into a general fund used to support what the Corporation calls the "University." That complex may then exist and thus give one the opportunity to benefit from the use of a few of its myriad functions and facilities. What share a student should pay to perpetuate the entire community is a somewhat arbitrary...
Fortunately or unfortunately, human beings, perhaps especially human beings in universities, do not live together in strict accord with general principles. Instead they work out, from case to case, a set of often unspoken agreements and working rules to govern their own behavior and settle conflicts. This process began at Harvard as early as the McNamara episode. Whether it can continue is uncertain because the moral conflict is indeed an intense one. There are, I suggest, two closely related prerequisites for any accommodation that may still make possible serious intellectual work. One would be a shift in emphasis among...