With tuition rising fast and state budgets perpetually crunched, universities are facing intense public scrutiny about the value they deliver to their students and to the public. How should we conceptualize the mission and obligations of universities? Do public universities hold a unique public trust, and has this eroded along with state financial support? How should we measure the performance of universities or individual units within them? What is the effect of prevailing personnel practices, such as tenure or increasing reliance on adjuncts on the effectiveness of universities in meeting their social obligations?