Markets, Minds, and Money: Why America Leads the World in University Research

A colorful history of US research universities, and a market-based theory of their global success.

American education has its share of problems, but it excels in at least one area: university-based research. That’s why American universities have produced more Nobel Prize winners than those of the next twenty-nine countries combined. Economist Miguel Urquiola argues that the principal source of this triumph is a free-market approach to higher education.

Until the late nineteenth century, resea...