A recent Free exchange column looked at how online education might affect higher education. Elite institutions should be fine, we wrote, because they product they offer is completely different from the standardised, distance education that MOOCs offer, The Economist reports.

Unless, that is, they begin offering their own course material online at low prices, in the process breaking their business model. What is that model? Stanford economist Caroline Hoxby has one answer:
Elite institutions face very different circumstances, Ms Hoxby reckons. They operate like venture-capital firms, offering subsidised, labour-intensive education to highly qualified students. They aim to cultivate a sense...

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