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Honestly, what should MIT be? It should be what it is.
Leave it the same. Build on the strengths of an institution that has become one of the top in the world. Before we begin making changes, we should first assess, why do we need to change?
And I think that's about it.
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The world is changing
I confess to a lot of MIT nostalgia - but the world has changed. In the 60s MIT (and each year's graduating class) prospered by the close links between MIT and 1) the military-industrial complex, and 2) large industrial corporations that had research labs and central engineering offices. Today these funding partnerships and career opportunities are largely gone. Meanwhile universities in India and China are rapidly improving.
MIT cannot continue in the 21st century by sticking with what worked decades ago.