@gallentjill, yes, for most of history, arguably, the top colleges were underpriced relative to demand and they were because the folks who ran those institutions didn’t see them as profit centers. So long as they could meet costs, that was good enough. But the arms race (which has always been there in the academic sphere) extended to other areas and I’d argue that it’s due to rising inequality and the rise of the top 1/5/10%, meaning there are more folks both willing to pay more and also demand more in services and amenities.