The Value Of A College Education

1651 words - 7 pages

The basic economic relationship behind demand and price, is as price increases the demand on a product reduces (Frank 4). This relationship depicts rational human beings interacting in the marketplace (Frank 4). The product that colleges produce are degrees and educated alumni. The price of colleges have skyrocketed in the last decade by a whopping seventy percent (Frizell). The reaction to the increase in price of college, hasn't reduced the demand, in fact it has increased (Frizell). So, does this mean that somewhere along the line have americans become irrational in their economic decisions or has the value of a college education match the rising prices. Sadly, enough the value of a ...view middle of the document...

S. jobs aren't in agriculture or manufacturing anymore. They require technology and social skills—the stuff you learn in college”(Webber). Wadhwa argues for the need in college educated minds that they are the future of the American economy and economic well being of American students (Webber).
As the article was written in a discussion format opposing side argument is also presented by James O'Neill who is, the co-founder of the Thiel Foundation's 20 Under 20 Thiel Fellowship (Webber). He argues, “There are two groups of unhappy people mailing student-loan checks to banks every month. One is the bartenders and waitresses Rich mentioned. The others are the dreamers and explorers who would love to change the world with some invention or innovative company, but are stuck in a boring corporate job because they can't quit while they are still in debt”(Webber). The issue he takes on is that debt is a factor that leaves many unmotivated to take on any more risk than they have already acquired by attending college. He says that knowledge, thanks to the digital world, is now free and hence college may be unnecessary due to the vast amount of knowledge contained on the internet. In addition, that due to less americans taking risk it hurts the american economy as a whole (Webber). Without risk takers creating new businesses and industries the economy will stagnant and break the american tradition of small business ventures that has always been the biggest part of the american economy (Webber).
Higher incomes and a higher standard of living is what truly drives the craze for the spike in education. The benefits enjoyed by attending a college greatly outweigh the cost exerted to the students in the form of student loans. In fact, University of California professor Sandy Baum has said “Labor-market economists provide convincing evidence that the demand for people with postsecondary credentials has grown more rapidly than the supply—an explanation for the growing gap in earnings between high-school graduates and those with postsecondary credentials. On average, men with some college but no degree make 22% more than men with a high-school education. The average for men with a bachelor's degree or higher is almost twice that for those with no college education”(Webber). The real fact is on average it truly pays to attend college over just starting your career out of highschool. The quintessential essence of human progression is bounded to education and is only an extension of the forward progress americans can enjoy by attending college.
When one takes a closer look at the cost of attending a college which, as said is skyrocketing, seventy percent higher than it was just a decade ago, and the debt of that student after attending such a university on average is around thirty five thousand dollars (Ellis). The true cost every college student takes in the money he is in debt for and the money that could be made. According to the institute of educational...

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