Wednesday, December 10, 2008

Belt-Tightening at Harvard

Harvard's endowment is so large that, even after heavy stock market losses this year, it's larger than the annual budgets of many countries. Still, though, they try to save a few shekels here and there:

A freeze on salary raises for all faculty and non-union staff members as well as a hold on the bulk of current searches for tenure-track and tenured faculty were among the cost-cutting measures announced in a letter circulated to department chairs in the Faculty of Arts and Sciences yesterday afternoon.

3 comments:

allen (in Michigan) said...

Be interesting to see how the various "studies" departments come through this. It would seem to me that this would be a great opportunity to get rid of some of the excrescences of the politically-correct Eighties.

rightwingprof said...

And universities are lobbying for a bail out. Gimme, gimme, gimme!

pseudotsuga said...

So, bean-counters at Harvard, what exactly is the purpose of having a multi-billion endowment? Do you use it or just have for a rainy day or something?