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<p>In 1972, someone we knew became an assistant prof at HYP at the grand salary of $12k. In 1980, the same beginning assistant professor at HYP would probably earn around $20k. In 2006, the same assistant professor would earn $50k+.
As well, the faculty in 1980 was relatively young. Since the retirement age has been lifted, there’s been fewer incentives for profs to retire early and in fact, there have been disincentives insofar as health benefits are reduced for retirees. So the retirement age has effectively moved from 65 to 70, with many of the profs who were hired as young assistant professors in the 1960s and 1970s teaching past 70.
Not only has that been expensive for universities, but it has also greatly reduced their ability to hire younger profs with more up-to-date training.</p>