"...if all schools were run like businesses on the open market, is there anything stopping tuition from reaching an equilibrium price close to the value of the

"...if all schools were run like businesses on the open market, is there anything stopping tuition from reaching an equilibrium price close to the value of the degree..." Obviously: competition and alternatives. Just like the equilibrium price of a computer is way lower than what you are willing to pay for it. Often, markets lead to lower* prices on many things as technology and processes improve in pursuit of profits. *: If you define the value of a degree as the extra value above and beyond the next best alternative, than of course alternatives don't really factor in. But with most goods and services, there is some kind of alternative in addition to competition.