Comment by xienze
6 days ago
> The point is, it's eating your seed corn.
How much is “enough” money to hoard in an endowment though? We hear lots of arguments about how the concept of a billionaire is itself obscene, why can’t we apply to same logic to institutions? E.g. much like people say “billionaires shouldn’t exist”, perhaps endowments over some similarly arbitrary value shouldn’t exist either.
Well, it's proportional to their spending to some degree. It takes a world-class endowment to fund a world-class university. And it's all from private donations.
Harvard doesn't make a profit. It educates students and does research. It sounds like you're arguing Harvard should be broken up or something? But based on what? Is it abusing its power or something?