Supply and Demand. There you go.
Supply and Demand. There you go.
And I tend to agree with his analysis: money is flooding to an ever-increasing administrative layer while more and more classes are taught by "cheap" adjunct faculty who have zero job security and no opportunity for professional development. In his estimates, and for sure at the California state school I am most familiar with, adjuncts are now teaching 70-75% of courses, compared with rates as low as 20-25% in the past.
(Disclaimer: I'm a former adjunct university teacher :)
However, the average professor makes very little, because the average professor (of, e.g., Medieval English Literature) has few marketable skills.
Only by institution though..
If you want to know why university professors are paid so little, simply count the number of underemployed PhDs who would kill for their jobs.