It works in a free market economy. It should also work in education. Business is slow, so Western Michigan University's Cooley Law School is cutting the price of tuition by 21%, along with closing one campus and shrinking another.

“We realize that a significant part of providing access to legal education is cost. To put it simply, we became too expensive,” said President and Dean James McGrath. “Our current campus structure was built at a time when the demand for legal education was significantly higher."

McGrath recommended, and the school's Board of Directors agreed, to reduce tuition from the current rate of $1,750 per credit hour to $1,375 per credit hour. But not so fast, this cut doesn't take effect for another year, in the Fall Semester of 2020.

Another sign the school is not attracting enough students is that, in addition to lowering tuition, it has applied for approval from the American Bar Association and the Higher Learning Commission to close the Auburn Hills campus (at the end of 2020), and hopes to cut back at the Lansing campus. At this point, no job cuts have been announced with these reductions.