Adam Smith and the future of higher education

From the Boston Review: "In contrast, at Scottish universities the salaries were fairly small, and professors depended on course subscriptions for the majority of their income. At Glasgow, students paid tuition to gain access to the university, but they also paid honoraria to their particular professors. The fees were small, but taken together, they provided a substantial part of a professor’s income, giving him a strong incentive to become a superior teacher. Smith saw in this system the institutional secret to Scotland’s success, and he encouraged its export to universities across Europe."