Higher education: what is it good for?
Kategorija vijesti: Vijesti iz visokog obrazovanja (inozemstvo)
Why go to university? When asked, today’s students are openly careerist and materialist. In a 2012 survey by the Higher Education Research Institute in Los Angeles, almost 90 per cent held that “being able to get a better job” was a “very important” or “essential” reason to go to college. The rationales of being “very well-off financially” and “making more money” were almost as popular.
When economists measure education’s financial rewards, we’re often accused of being blind to loftier motivations. But maybe there’s not much to see. Indeed, since human beings reliably sugar-coat their intentions, students are probably even more careerist and materialist than they admit.
True, the fact that students come to campus in search of jobs and money does not show that they actually find them. Education and earnings are statistically linked in every known country – and the pattern is especially pronounced in the US and UK. But education’s true rewards are almost surely smaller than they naively appear.
How so? Most obviously, many educational investments end in failure. Only about 40 per cent of full-time US college students finish on time; many never finish. A prudent student therefore won’t take academic success for granted; he’ll assess his personal dropout risk and factor it into his calculations. An immodest assessment poses a grave financial danger because most of education’s financial rewards come from graduation. If you drop out of high school or college after three and a half years, the pay-off is mediocre at best (...)
Datum objave: 12.03.2018