The World Might Be Better Off Without College for Everyone
Students don't seem to be getting much out of higher education.
I have been in school for more than 40
years. First preschool, kindergarten, elementary school, junior high,
and high school. Then a bachelor’s degree at UC Berkeley, followed by a
doctoral program at Princeton. The next step was what you could call my
first “real” job—as an economics professor at George Mason University.
How, you may ask, can anyone call higher education wasteful in an age when its financial payoff is greater than ever? The earnings premium for college graduates has rocketed to 73 percent—that is, those with a bachelor’s degree earn, on average, 73 percent more than those who have only a high-school diploma, up from about 50 percent in the late 1970s. The key issue, however, isn’t whether college pays, but why. The simple, popular answer is that schools teach students useful job skills. But this dodges puzzling questions.
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