Friday, September 18, 2009
It still pays to study
After receiving advice of staying in school for as long as possible from an attorney the other day, I decided to take a look at this article. Most of us are some sort of economic majors so we know the law of supply and demand, as we increase the quantity of something, the price of it will drop. In this case, the more years of schooling under our belt, the value of it should drop. This article argues this law. It says that the more years of schooling we have the value does not decrease. We are continually getting our moneys worth according to research. The total tuition and fees included with additional years of schooling is still not outweighed by your earnings afterward. The point of this article is that the more years of schooling, the better. I am uncertain about the accuracy of the graph and numbers. I thought this would be great for students to see who plan on going to graduate school straight after college instead of geting a job.
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5 comments:
It is always nice to be reassured that we are not wasting our time in school! The work world looks tempting when our peers are earning money while we are spending it, but the obvious reason to obtain higher education is the belief that forgone earnings now will translate into higher earnings later. This seems to be the case especially during the recession, when many people can't find jobs to begin with. Maybe I should apply to grad school!
After your article about the high costs of tuition, this is a good follow- up. I agree that the cost of higher education is outrageous, however, looking at this article comforts me knowing that it does all pay off when you are out in the "real world." It is kind of hard to think about higher earnings when you have so many loans to pay off after you finish school because of how expensive college education is. And it does help in trying to make a decision on whether to go to grad school or not. Knowing that staying in school longer leads to higher earnings gives incentives to people to continue their education, which in turn helps educational institutions as well as our economy. More people with higher education will lead to a more efficient society, I believe. And these studies may be very helpful in pushing people towards that.
A good reassuring article about higher education eventually being better in the long-run. Yes, paying for grad school is a huge investment, but people get their degree for greater knowledge in their field as well as getting a higher salary. Given our current economy, it is important to have the best educated allowing our economy to start growing again. However, it is scary to see people who go to grad school with hopes of coming out earning a higher salary cannot find a job. Only time will tell when our economy will fully bounce back, unemployment will drop, and receiving your Master's degree will eventually pay off.
Nice article. Even though the source from OECD seems too general for me, it is very nice to make sure that our experience will be paid off in the future! Employers can test us from our degrees in resume as well as we can demostrate our abilities in particular fields. As Chris said, it is very scary that there are some possibilities which I will not be able to find a job after the Masters degree. However, I have been considering about applying for graduate schools in order to build up my knowledge while I am still young. This article gave some courage for me.
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