I’ll only add that institutions are defined by their people. As the full-time and tenured faculty become a smaller share of the employees of the institution and the professional administrators become a larger share, the nature and character of the institution inevitably changes. In this case, colleges and universities have become less about faculty, teaching, and research, and more about the provision of professional services to students and faculty. As far as I know, this shift was not planned or chosen, and the costs and benefits of such a shift were not analyzed in advance. It just happened.
$700 or $915 per credit hour, depending on degree.
The numbers above are pulled directly from a university website. The campus sits just a mile from my house. The work is part time and I don’t qualify for either pay level. To work part time teaching at a university you need a minimum of a Masters degree. So someone who busts their butt to earn a Doctorate can make $915.00 per credit hour.