Since the mantra of running universities “like a business” began in earnest in the 1980s, the cost of attending college has skyrocketed, far outpacing inflation and wage growth. The only thing that’s kept up, it seems, is students’ grades. All across academia — public or private, large or small, “highly selective” or open enrollment — students are receiving much better marks and paying much, much more.

And that’s not a coincidence.

The same forces that have been pushing up the cost of a two- or four-year degree have also helped propel median grades so high they border on meaningless. Most instructors don’t want to give out A’s like candy. Most students aren’t doing A work. Yet here we are, with an A the modal grade in higher ed.