Enrollment rates are far higher than completion rates. Many college students drop out before completing their degree. Less than 60 percent of first-time full-time students seeking a bachelor’s degree at four-year institutions in 2000-1 completed that goal at that institution within six years (it’s difficult to track students who transfer to other institutions).

In other words, enrolling in college is a bit like joining a health club. And as with a health club, the revenue comes from signing people up, not from encouraging them to use the services. [link]

It’s a tough problem, and the challenge is to find the balance between business and value. Focus on creating a product that’s valuable enough and people will see its value, even if it does take some time. The rest of the stuff usually sorts itself out. Simplistic? Yes. Cliched? Yes. But something to think about.

Duane Reade was a ratty little downtown cut-price operation until management decided that the key to drug retailing isn’t service—theirs was awful — but location. In the great space race of the last decade Duane Reades began to spring up everywhere there wasn’t a new bank branch going in. Result: there are 257 Duane Reades but independents got squeezed out. [link]

It’s a $1.08b deal, but almost half of that is Duane Reade’s debt.

Mr Salinger died of natural causes at the compound in New Hampshire where he had hidden from view since 1953, declining attempts to turn his novels into films, refusing to repackage his short stories in anthologies, deterring biographers and suing the author of an unauthorised sequel to his best-known work. [link]

Apparently, his estate will still not allow any adaptations of his work, according to his wishes.

…voluntary defaults are a new phenomenon. Time was, Americans would do anything to pay their mortgage — forgo a new car or a vacation, even put a younger family member to work. But the housing collapse left 10.7 million families owing more than their homes are worth. So some of them are making a calculated decision to hang onto their money and let their homes go. Is this irresponsible? [link]

The federal budget deficit was about $390 billion in the first quarter of fiscal year 2010, CBO estimates in its latest Monthly Budget Review—$56 billion more than for the same period in fiscal year 2009 despite reduced spending related to turmoil in the financial markets. Outlays were slightly lower than they were last year at this time, but revenues have fallen by about 11 percent. Later this month, CBO will issue new budget projections for 2010 and the following 10 years. [link]

These are estimates, of course, but it’s always interesting to hear what the CBO has to say.

You are independently wealthy, and you have no need to earn a living for yourself or provide for anyone else.

You come from that small class of well-connected people in academe who will be able to find a place for you somewhere.

You can rely on a partner to provide all of the income and benefits needed by your household.

You are earning a credential for a position that you already hold — such as a high-school teacher — and your employer is paying for it. [link]

A great article in The Chronicle of Higher Education by Thomas H. Benton, which happens to be the pen name of William Pannapacker, an associate professor of English at Hope College.

Led by Queen’s University Psychology professor Meredith Chiversk (sic), the study found that men’s reports of feeling sexually aroused tend to match their physiological responses, while women’s mind and body responses are less aligned. [link]

It’s actually Meredith Chivers – who is a bit of a celebrity, having appeared on Charlie Rose and other media outlets.

In any event, a blogger – Amit Varma – asked (as a follow up to the article above):

I wonder what academics do on vacation. [link]

The answer? Have sex, of course. But for research purposes only.

Happy New Year to all.

The real unemployment rate–the share of Americans who say that they are actively looking for work and don’t have jobs–has been drifting down since late spring–from 9.7% in June to 9.4% in November. The seasonally-adjusted unemployment rate over that same period has risen from 9.5% to 10.0%, as the actual unemployment rate has drifted down much more slowly than it usually drifts down from June to November as things pile up for the Christmas rush.