Unless you’re a mathematician or scientist, having a term based on your name is rarely a good thing.

Proving the point, Boston herald Op-Ed columnist Michael Graham analyzes higher education’s new prime directive and rechristens the “Higher Education Bubble” (hat-tip, Instapundit):

Call it the “Liz Warren Effect.”

You remember Faux-cahontas’s days as a “token Native American” at Harvard University, getting a $349,000 check for what was essentially part-time work. Turns out she’s not the only member of the higher education industry who’s making big bucks for small-time work.

A terrific new article from the New England Center for Investigative Reporting reminds us of the core mission of Massachusetts colleges and universities: To make money for education bureaucrats.

“Over the last 25 years, the universities’ enrollments have collectively grown by 26 percent, while the ranks of full-time administrators have risen 75 percent, not only at private universities but also at some public ones,” the center reports. “During the same 25-year period, tuition at four-year universities nationwide has increased an inflation-adjusted 85 percent, federal figures show.

Eighty-five percent? As we used to say in my Latin 101 class, “Holius Crapus!”

Latin wasn’t my strongest subject …

Now, does anyone really believe a degree from the University of Massachusetts or Boston University is worth 85 percent more today than it was 25 years ago — when far fewer people had degrees? Or is it the case that a bachelor’s degree that once guaranteed white-collar employment is now just as likely to be the first item on your application at Applebee’s?

There’s another question, too — why are the degrees so much more expensive? After all, the raw materials of a college education are far cheaper today than they were a generation ago. Textbooks that require frequent updates are expensive. Kindles that can hold 1,000 books aren’t. Million-dollar computing systems for college bureaucracies now literally fit in the palm of your hand.

And then there’s the labor: Lots of kids with worthless bachelor of arts degrees going back to grad school to avoid economic reality equals a large supply of potential professors. And as supply goes up, price goes down. (I skipped Latin to study econ.)

Only prices haven’t. College costs continue to grow faster than inflation. How is that possible?

Because, once again, the point of process isn’t to educate your kids. It’s to create cushy government jobs:

“In all, Massachusetts’ 116 universities and colleges have collectively added almost 51,000 employees in the last 25 years, or eight per working day,” the center reports.