Chapter 2: The Presidency
in a Time of Transition
Assuming the presidency in 1972, I inherited a
campus still vibrating from the tensions of the late
1960s. My task was to transition Princeton from a
period of protest to a period of purposeful growth.
We had to decide what was essential to the
'Princeton experience' and what was merely
tradition for tradition’s sake.
One of my primary focuses was the stabilization of
the university's finances. The "Economics of the
Performing Arts"—a study I co-authored—had
taught me about the 'cost disease' in labor-
intensive industries. Higher education was no
different. We had to be rigorous in our academic
priorities, ensuring that every dollar spent served
the core mission of teaching and research.