Higher education faces some daunting realities, from budget cuts to questions of value. Colleges and universities, especially public institutions and small liberal arts colleges, face an era of austerity, matched with a new metric of quality. Many confront a financial squeeze, the pressure of what we call economic thinking, competition from attractive alternatives, a shrinking pool of potential students and a student body that changes majors and programs at the first sign of a shifting job market. Institutions of higher learning have responded to these pressures by turning to social media,offering more scholarships, reducing tuition, cutting costs, changing curricula, adding extracurricular offerings and renting their facilities to outsiders. The next wave of changes will come from students, alumni and critics expressing ethical concerns about colleges’ operating procedures, outside revenue sources and failing responsibility.