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I would guess that the difference between a high school grad and an English major is similar to the difference between an English major and an engineering major.
I think that comparing earnings is missing the point of attending university or college. If what we want is vocational schools then I think that we should discuss that instead.
I don't believe dropping out is necessarily the better option, but the article doesn't argue why not dropping out is. The data needs to be adjusted for the fact that "college educated" has become an entrenched label in society. Without the label, society values a person much less. That is all the data in the article proves.
Maybe I'm misunderstanding you, but the article uses data to show that society values college-educated people more, and you want it to adjust for this? What?
What I would like to understand is whether college is valuable because society thinks so or is there something that college does that is unique to it. (and if the latter is true, is it worth $50k a year?)
1) Children born to wealthy parents are both a) more likely to go to college because their parents can pay for it, and b) to step into high paying jobs because of their social networks than poor kids. Thus while there is correlation between college degrees and earning potential, the root cause is being born into a wealthy family.
2) Smart people are more likely to go to college than dumb people, and smart people are more likely to do well in jobs which require intelligence. Similarly, intelligence is the causal factor, not simply attending college.
College may very well be worth the money; but your statistics prove no such claim.
From the article: " Over the course of his working life, a college-educated white male .... will have earned about $2.3 million. His high-school-educated white-male partner will have earned $1.2 million." Let's say college costs $100,000 (tuition plus opportunity cost of income, etc). Now let's say instead of spending that $100,000 on college we invested the money instead at 6% per year returns. That will give you $1…
The problem is that we're all told 'go to college'.
What we're not told is 'go to college and learn a worthwhile skill'.
Personally I think the value of a college degree has dropped enormously while the cost has risen. Thus these types of calculations are going to look even skinnier 20 or 30 years down the track.
Again, I'm not agitating to not go to college, but I would counsel any college-entry age students into asking what the real-world skills they are getting, and whether it is really worth the cost of admission. Sometimes it's a binary choice - you can't work in a field without a degree. In other cases, it's much less cut and dried.
This particularly applies to higher degrees, where the marginal benefit of each additional qualification drops lower and lower.
I think you're preaching to the wrong crowd here
I think that comparing earnings is missing the point of attending university or college. If what we want is vocational schools then I think that we should discuss that instead.
Sure, but the argument is debt taken on via college vs economic gain over employment. There is most assuredly a non-economic value to be gained from pursuing liberal arts or whatever, but do not confuse that with being able to pay off that debt load incurred for that education.
The data shows correlation, not causation. I can think of at least two causal explanations that would account better. 1) Children born to wealthy parents are both a) more likely to go to college because their parents can pay for it, and b) to step into high paying jobs because of their social networks than poor kids. Thus while there is correlation between college degrees and earning potential, the root cause is bein…
Just because something isn't causal doesn't mean the statistics are worthless.
The data shows correlation, not causation. I can think of at least two causal explanations that would account better. 1) Children born to wealthy parents are both a) more likely to go to college because their parents can pay for it, and b) to step into high paying jobs because of their social networks than poor kids. Thus while there is correlation between college degrees and earning potential, the root cause is bein…
But in both of those points, isn't it possible that going to college could 1) improve your social network and 2) help you raise your intelligence? Same outcome. Just because something isn't causal doesn't mean the statistics are worthless.