Well, I have been outed by Wallerstein as just another entitled snowflake, oblivious of the real conditions of the working class. Ho hum.
Now, let's continue with his calculations. The standard course load for Columbia undergraduates is five a semester [ = 15 credits, or a bit more, depending], which is to say ten a year. Tuition at Columbia is roughly $60,000 a year, which works out to $6000 a course. My seminar is limited to 20 students, so it brings in $120,000 in tuition [never mind Columbia's 9 billion dollar endowment.] Let's see, I bring in $120,000 in tuition and I get paid $8,000. Granted, I get the use of a classroom two hours a week, and a tiny bit of the effort of a department secretary. In addition, the Chair of the department has promised that I can have a corner of an office to hang my hat in and meet students during the one hour a week Wallerstein has alloted to me.
Somebody is getting rich off my course, and it isn't me.
So why is Columbia's tuition so much? Ah, that will be for my next post.