IT'S CALLED A COMPENSATING DIFFERENTIAL, AND IT MATTERS.  Voluntary Xchange explains in the best telegraphic form.
Tenure is a form of compensation, and a pretty good one at that.
If you cut tenure, you’re cutting compensation.
And, cutting compensation makes you less competitive with other states. Utah already knows this: the state is known for lower salaries, higher benefits, and compensation that is comparable to other states.
In sum, if you cut tenure, you’re going to end up having to raise salaries to continue to attract new people willing to take the risk.
Perhaps the bill should be retitled the More Expensive Utah Higher Education Act.

The analysis requires faculty to have other job options.  That's almost certainly true of economists.   Humanities Ph.D.s, they notoriously of coffeehouses and bookstores in college towns, might be different, although if the industrial reserve army of underemployed Ph.D.s comprises participants in a tournament, in which a tenure track appointment is a seeding, and tenure a prize, take away the prize and perhaps the reserve army goes away too.

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