One reason college is so costly and so little real learning occurs is that collegiate resources are vastly underused. Students don’t study much, professors teach little, few people read most of the obscure papers the professors write, and even the buildings are empty most of the time.

The New York Federal Reserve says more than 40% of recent college graduates are “underemployed,” but many already are while in school. Surveys of student work habits find that the average amount of time spent in class and otherwise studying is about 27 hours a week. The typical student takes classes only 32 weeks a year, so he spends fewer than 900 hours annually on academics—less time than a typical eighth-grader, and perhaps half the time their parents work to help finance college.

It wasn’t always this way. As economists Philip Babcock and Mindy Marks have demonstrated, students in the middle of the 20th century spent nearly 50% more time—around 40 hours weekly—studying. They now lack incentives to work very hard, since the average grade today—a B or B-plus—is much higher than in 1960 when the average grade-point average of around 2.5 implied a typical grade of B-minus or C-plus.

I’m part of the problem: I’ve been teaching for 55 years, and I assign far less reading, demand less writing, and give higher grades than I did two generations ago.

Learning takes time, so the diminution of effort surely means students are learning less. Snippets of data confirm that suspicion. Sociologists Richard Arum and Josipa Roksa have demonstrated, using the Collegiate Learning Assessment, that the typical college senior has only marginally better critical reasoning and writing skills than a freshman. Federal Adult Literacy Survey data, admittedly somewhat outdated, shows declining literacy among college grads in the late 20th and early 21st centuries. A civic literacy test administered by the Intercollegiate Studies Institute shows appalling gaps in knowledge, with seniors knowing very little more than freshmen. Only 24% of graduates know that the First Amendment prohibits the establishment of an official church.