By Lance J Weislak and Michael D. LaFaive (Published with author’s permission) (originally posted MARCH 1, 2004) Since its founding in 1817, the University of Michigan has attained a global reputation as an academic and research powerhouse, attracting some of the world’s brightest students and top faculty. Its ranking among other universities, however, has dropped sharply in recent years, and the school has seen top faculty lured away by more generous offers from private universities. Since its founding in 1817, the University of Michigan has attained a global reputation as an academic and research powerhouse, attracting some of the world’s brightest students and top faculty. Its ranking among other universities, however, has dropped sharply in recent years, and the school has seen top faculty lured away by more generous offers from private universities. One way to reverse this trend, and perhaps to beat the private competition, is for the University of Michigan to go private itself. The idea isn’t as drastic as it may sound. While the amount of state money going to the University is substantial — some $320 million per year — this amounts to less than 8 percent of the 2004 operating budget of the university and its health system. In fact, James Duderstadt, U of M’s president emeritus, has described the school as “a privately supported…