Harvard Economics professor Greg Mankiw reports that, at a recent faculty meeting, President Larry Summers confessed:

I have been troubled, and I believe you should be troubled, by survey data suggesting that student satisfaction at Harvard is much closer to the bottom than to the top of any list of leading American colleges, and that the relative satisfaction of our students declines with each year that they are here.

Noting that the Harvard Crimson had reported only days earlier Harvard’s unequalled admissions yield percentage, Mankiw reflects:

It is an odd business that has customers who are simultaneously unhappy about the product and eager to buy it.

Hat tip to PJM.