There has been considerable focus on the value which higher education (HE) generates, both socially and economically. As HE systems evolve internationally and their relationship with key external stakeholders intensifies, their core activities of teaching and research have come under closer scrutiny. An overarching theme within public discourse on HE has been the strong emphasis on economic outcomes, and this has become closely associated with the principle of value for money.

HE systems face stronger fiscal challenges as mass participation becomes increasingly costly for both governments and individuals. This is clearly the case in systems which have been more market-orientated, where the costs have shifted increasingly onto individual students and their families. In countries such as the United States, United Kingdom, Australia, and China, where government ...