A government aims to increase the population's access to and consumption of higher education, which it considers a beneficial service that might be under-consumed if left purely to private markets. Evaluate two distinct fiscal approaches the government could take: (1) directly funding and operating public universities at low or no cost to students, and (2) providing tax credits to individuals for their tuition expenses at any university. In your evaluation, compare the potential effectiveness, efficiency, and equity implications of each approach.