College Tuition continues to increase faster than inflation.
People believe it's increasingly important to survive in the New Economy.
But I wonder whether that's going to suddenly change. Are people really getting much from college, or is it just a Branding/Signalling game? If there's no more security in BigCo employment, then does the Certification lose its value?
Does college become less important if High School does a better job?
Should you set up a College Savings account for your child/grandchild?
Overlapping categories of College Major-s
- good luck picking your major: they're all terrible!
- Bryan Caplan estimates the College Premium (Making A Living) for each major. The real winner in this table, I do declare, is Economics. I've long told my undergrads, "Economics is the highest-paid of all the easy majors." Still, the magnitudes surprised me. After adjusting for pre-existing ability, male econ majors (+60%) are almost as well-paid as male electrical engineers (+63%). Given engineers' workload, they definitely seem to get the short end of the stick.
- Liberal Arts
- should this include StudiesStudies?
- STEM (the statistics for this include PreMed)
- PreMed and PreLaw
- other Vo-Tech: business, agriculture, architecture, etc.
- Fine Art
Why do people seek a Bachelors College Degree?
- because that's the next hoop for smart high schoolers to jump through (Status Quo)
- because it's required for Medical School, Law School, Business School...
- to learn skills that will be useful in a DayJob
- to get Credential that will make it easier to get a DayJob (Signalling)
- because your parents won't pay for you to live at Platos Retreat for 4 years
- to join a knowledge-driven community.