tag:blogger.com,1999:blog-20142791.post4238758417968314020..comments2024-03-11T07:41:19.149-04:00Comments on The Perfect Substitute: Universities Do Not Operate in the EconomyUnknownnoreply@blogger.comBlogger2125tag:blogger.com,1999:blog-20142791.post-72735738458828137762008-10-21T12:22:00.000-04:002008-10-21T12:22:00.000-04:00Good point, if the opportunity cost of attending f...Good point, if the opportunity cost of attending falls then demand should increase, which would be a countervailing effect to the income effect. I guess it would be an empirical question to see which is stronger (the article mentions nothing about enrollment). <BR/><BR/>It would probably be important if there is a skill bias in the recession.Justin M Rosshttps://www.blogger.com/profile/06990658017459237627noreply@blogger.comtag:blogger.com,1999:blog-20142791.post-86437140343537661752008-10-21T11:23:00.000-04:002008-10-21T11:23:00.000-04:00Education is a substitute for working. If there i...Education is a substitute for working. If there is a recession, such as that wages fall, then the demand for education increases. Ceteris paribus, this leads to an increase in P and Q.Anonymousnoreply@blogger.com