James V. Koch, a former university president, prolific writer about college governance, and huge college sports fan, chats with Jim Bacon about the seismic changes in the college sports landscape. In his new book, “The Economic Impact of Intercollegiate Athletics on Former Students,” Koch explores the pros and cons of college athletics for students and concludes that they are a net negative for graduates as measured by a variety of economic outcomes.
Lightly edited transcript
Jim Bacon: Hello, everyone. I’m Jim Bacon, and this is the Oinkonomics Podcast.
No doubt, some of you have surmised that oinkonomics is a wordplay on my name — Bacon, pigs, oink — and oiko, the Greek word for economics. Although I’m a historian by academic training and a journalist by profession, I’m a great admirer of the economist’s way of thinking. Such economic concepts as alternate opportunity cost, return on investment, and net present value are indispensable for the rational analysis of public policy issues. Today, for the first time on this podcast, I’m actually interviewing a real live economist — Dr. James V. Koch.
Virginia listeners may recall Jim Koch from his 11-year tenure as president of Old Dominion University. Since retiring from that post in 2001, he has spent the past 24 years as president emeritus doing pretty much what he pleases, which has meant focusing on the economics and governance of higher education in the United States. From his time at ODU, and previously as president of the University of Montana, he has a deep well of hands-on experience to draw from.
In his latest endeavor, Koch is co-author with Richard J. Cebula and Robert N. Finili of โThe Economic Impact of Intercollegiate Athletics on Former Students.โ The book touches upon many issues of interest to anyone concerned about higher education in America today, and we’ll get into some of those questions in the interview. The central question of the book is what impact does athletics have on students’ financial well-being after they graduate?
As Virginia universities grapple with new rules governing college athletics, effectively turning football and basketball programs into professional farm teams for major league franchises, governing boards at some institutions will have to cough up tens of millions of dollars to pay their athletes. Where will that money come from? And how much of the cost will be passed on to students as athletic fees, And what is the payoff, if any, for the students?
Jim, welcome to the Oinkonomics podcast. Bring us up to speed on how big-time college athletics is changing, and the kind of choices boards of visitors here in Virginia and elsewhere are faced with.
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