EDIT: Another unrelated anecdote: I was recently talking to a PI at Rice's Engineering program who had just finished up his spring class. He got rave reviews of the class, all the undergrads really liked it. About a week after the class reports came out, his director came to him and told him that he was teaching too well and that he should be spending more time on writing grants. If his classes liked him that much again, he would be disciplined (I've no idea how, but he was nontenured, so it sacred him enough). He then taught a 'worse' class in the fall. Whatever those students are paying for, it sure is not the education.
Don't students have to pay for software and books? Where I went to school the library didn't stock any textbooks, and there was an extra per-credit hour "technology fee" slapped on to the regular tuition? You'd think the "technology fee" would cover all required software, but it only really paid for things like Microsoft Office, Peoplesoft, etc. Specialized software had to be bought separately (glares at Adbobe) at the student's expense.
Don't students pay for those separately? How does that add up for costs on the school's end?
The real reason the adjunct-professor position pays so low is because that's the value applicants are willing to accept / that's the cake society assigns.
If that class of employee demanded, or held more prestige, we would see efficiency gains elsewhere in the business.
At the end of the day, I make less than minimum wage teaching these students. I'm lucky that I have another job that supports me.
Colleges and Universities are not lean organizations. My department has significant amounts of overhead - people that in some cases work full time doing administrivia or extra paperwork and they require a salary. The buildings and labs also require upkeep and technology has a fairly high turnover cost. Add in the racket that is software + books and things add up quickly.
I'd estimate that my department has almost a 1 to 1 back office staff to professor ratio - simply due to the lack of automation (and no desire to automate) many portions of the work that is done at the school. Many of the back office staff are full time and they receive a regular salary rather than a flat fee per student.