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0 pointsjasonhong1y ago0 comments

As one simple example, some funds are for endowed chairs, named after donors or companies. For example, in computer science at Carnegie Mellon, we have chairs named for Richard King Mellon, Kavčić-Moura, Thomas and Lydia Moran, and more. (You can see a full list here: https://www.cs.cmu.edu/~scsfacts/endowed.html)

It costs a few million to create an endowed chair, and these funds can only be used to help offset salary costs for that professor (thus helping with the budget for the department) and for research associated with that professor. You can't just use all of the money in these endowed chairs for other things that people in this thread are suggesting, it's not fungible.

You know, folks on HN often re-post links to Chesterton's Fence (https://en.wikipedia.org/wiki/G._K._Chesterton#Chesterton's_...), about trying to understand how things are done and why, before tearing things down and potentially causing more problems. I'd highly suggest the folks in this thread that are exhibiting a lot of anger about academia keep Chesterton's Fence in mind. Yes, academia has problems (as do all human institutions and organizations), but the amount of good academia offers is quite vast in terms of advances in science, arts, education, public discourse, startups, and more.

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pj8081y ago

I once encountered an endowment fund that was restricted for use in a defined scholarship. This was problematic because that scholarship could only be given to students of a specific race. Restricting applicants in this way would be illegal under Canada's charter, so for at least a decade the funds were simply not spent. As far as I know nothing has changed.

YZF1y ago

Chesterton's Fence is also just an argument for conservatism and never changing anything because there is no end to the argument that you don't really understand how things are done and why. Maybe "Academia" does need a bit of a wakeup call. You're lumping in a whole lot under academia and it's not really clear what portion of "academia" and academia dollars are linked to those outcomes you're talking about.

kelnos1y ago

You're attacking a straw man, though. I see a lot of posts here that aren't even considering why something might be the way it is. We haven't gotten to the point where someone might do the "you don't really understand how things are done and why" goalpost-moving dance, and suggesting that of course that's how it's going to play out is unwarranted.

I mean, the initial post in this thread is just completely ignorant. Expecting a university to blow their endowment on a short-term[0] political issue is just ignorant. They spend maybe 5% of their endowment each year, because that is the safe amount to spend, as they want to be able to pull that 5% out, every year, essentially forever. Two minutes of "research" on university endowments would surface this kind of information.

[0] Four or even eight years is nothing to an institution that is older than the United States itself.