Obviously the supply side of the academic labor market values this and is willing to forgo some money compensation to get it. Evidently the cost of producing this amenity for academic employers is generally less than the value to the employees so there are very few schools that don't promise tenure. You might ask why people value tenure so much or why it is cheap for schools to provide it, but again I don't think that is too surprising. Academics value their freedom and tenure guarantees a reasonable minimum income if you decide to think unconventional thoughts for a while or pursue a high risk long term project. On the other hand, academic employers still have a fair amount of power over their employees short of firing them. Three percent inflation a year for a decade takes a nasty gouge out of ones real earnings, and of course tenure doesn't protect you if you seriously misbehave. - - Bill Dickens
William T. Dickens The Brookings Institution 1775 Massachusetts Avenue, NW Washington, DC 20036 Phone: (202) 797-6113 FAX: (202) 797-6181 E-MAIL: [EMAIL PROTECTED] AOL IM: wtdickens >>> [EMAIL PROTECTED] 09/18/02 01:13AM >>> Seriously, why does tenure exist at all? I know the motivations for tenure, but why isn't it competed away somehow? I would like to know what economic process ensures its continued existence. Fabio
