Maybe so, but I also don't think it's appropriate to dismiss the distortion of incentives just based on somewhat irrelevant factors. That same incentive structure is true for every company, is it not? The public-private nature of education in the US might affect the outcomes, but not those principles.
To me it sounds like you don't object to the principles?
Edit: To summarize, the easiest, quickest and most economical ways to improve profitability, in order:
1. cut costs
2. invest in marketing
3. invest in product
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