Tyler Cowen weighs in on the tenure debate

Link is above. Money quote:

With the pro-tenure arguments, you might wonder how higher education is supposed to differ from other sectors of the economy.  I believe it is this: given that higher education is in part about signaling and certification, socialization and networking of students, “warm glow” of the donors, and research superstars, the later-period shirking of the typical laggard doesn’t hurt actual productivity nearly as much as the schools themselves might like to think.