I previously argued that universities fail at education, partly because academics are so committed to the life of a scholar: they want to learn, not teach (see part I). So perhaps the real contribution universities make to society comes from their research? On the one hand universities do produce a lot of it; on the other hand it is rarely useful to the rest of us. The struggle for real and important knowledge requires - surprise surprise - more than just setting up an academic bureaucracy and giving it money.