My thesis is simple and I will present it simply and up front.  The Academy/College/University is an institution   founded on a single value proposition.  The proposition is that studying, however loosely defined, under the guidance, however loosely defined, of a professor, has intrinsic value.  The definition of a "professor" in this formulation is not loose.  A professor is someone recognized by society as being able to profess - i.e. to state things about the world that have a valid claim on being true.  This is contrasted to the classical definition of a professional, who is someone who has made a commitment to a single profession, i.e a way of life, but is not expected to continue to profess on a constant basis.