Their experi ences of bureaucracies making decisions for them, of telling them what is best for them, has not delivered equity.
Harvard therefore has no incentive to make them cheaper, nor to produce more of them: that would make them less precious.This helps explain why America's universities are failing to deliver equity.
If access is grossly unequal, as it has been for most of the last 10,000 years, then relying on market forces to deliver equity - or to reduce poverty - is at best naïve, at worst dishonest.
Except in the vaguest terms of delivering health equity and delivering health gains, we do not really know what the final goals of a health system ought to be; and in all likelihood it will be different in different places.
"Chapter 11 clearly should not be a vehicle to deliver reorganized equity to the lenders that caused the debtors' demise," lawyers for Law Debenture wrote in the filing.
According to Jeremy Siegel, an economist at Wharton, to deliver an equity premium of seven points (above the returns on Treasury bonds) without further increases in price-earnings ratios, real per-share corporate earnings would have to grow by about 9% a year more than five times as fast as the average since 1871 and double the growth rate since the second world war.
"Historically, Walton had delivered on equity multiple," says Rob Kochis, of Townsend, who recommended that Chicago Teachers sign on again with Bluhm.
They set out goals to eradicate poverty, attain food security from sustainable agriculture for all people, provide education and basic health care for all, deliver gender equity and transparent governance, and good economic development, within the planetary boundaries of a stable climate system, healthy oceans, sufficient freshwater, and the protection of all biodiversity.
On one hand, many have been disappointed at private-equity firms' average past performance; on the other, at a time when bonds and public equities are delivering historically low yields, the high returns generated by the best private-equity firms look increasingly enticing.
Bain was hardly the only private equity firm delivering breathtaking returns in the early years, when there was little competition in the business and the stock market was soaring.
