I focus on faculty, as opposed to facilities, budgets, endowments or students. I do so because I believe, based on many decades of work as a teacher, a scholar and an administrator, that the quality of the faculty determines the quality of the university. Everything else flows from the quality of the faculty. If the faculty are good, you will attract good students and you will have alumni who will raise funds for you.

There is another innovation at Harvard which I think made a tremendous difference and that is the decision to try to recruit the very best person in the field for an available faculty position. In the period after World War II Harvard literally engaged in world-wide searches for the very best and created a culture in which it was simply unacceptable to hire friends and associates, to make decisions based on personal affections or inclinations.

To become a world-class university takes a lot of time. There are simply no shortcuts. People tend to assume, and I have encountered this sort of thinking all over the world, that if they just sink enough money into a university, it will emerge in a few years as a first-class institution. But such rapid growth never happens. It takes time; it takes generations.

The rank of a university is similar to an index number say like the NASDAQ index. I don't understand how you can take an institution like Harvard, Stanford, or Michigan, and represent it by an index number. The concept makes no sense.

There are many in East Asia who simply judge students on the basis of national tests. The top universities in the United States do not do that, and for good reason. We need a careful process for admissions that take all sorts of factors into account: different intellectual strengths, artistic expression, economic standing, social background, ethnicity, regional representation and designs a class as a balanced whole.

That doesn't mean that the top fifteen institutions in the ranking somehow don't belong there at all. But what is the difference between number two and number eight in any meaningful sense? As an administrator who worked to build a complex university, I find the assumption slightly offensive. We need to be committed to excellence, not to lists.

The president [of American research institute] can act as the CEO and make a firm decision about the long-term development of the institution, but he or she does so in constant consultation with the faculty. It may not always work this way, but the greatest advances occur when governance is truly shared.