Freakonomics Podcast: Is College Really Worth It? Part 2

Here is Part 2 of Is College Really Worth It?

Highlights:

MURPHY: People are insisting on some measure to prove to them that their $100,000 investment or $40,000 investment is worth it. I can understand that. That’s a lot of money. But in reality, I don’t think there is a way to quantify the value of college. I know you can look at statistics about people who have a college education are better paid. I think you have to look at how quality of life issues. To me, ignorance breeds hatred. And if you can get people knowledgeable, there will be less hatred, more understanding. That’s my theory. 

MARTIN: It’s impossible to learn a completely different way of thinking about things without unlearning what one has already learned. And I think it’s important to realize that, because it’s often the case now that people think about education as the acquisition of new things as if it were an unproblematic and promising process simply of adding to what one already knows or thinks. And the truth is it is transformative, and that means upending a whole set of assumptions about how to see things, what’s possible, what’s real.

 


Freakonomics Podcast: Is College Really Worth It? Part 1

11th and 12th graders: I would very much like you to listen to this podcast. Will put it in assignments along with discussion points in next focus areas. Great for parents to listen to as well!!

 

Highlights:

LEVITT: The best way I think an economist thinks about the value of education is tries to figure out how the market rewards it and what other benefits come with it. And one thing is clear is that the market puts a tremendous reward on education. So the best estimates that economists have are that each extra year of education that you get is worth about maybe an eight percent increment to your earnings each year for the rest of your life. So it turns out for most people buying a lot of education, or at least for the average person let me say, buying a lot of education is a really good deal.

CANALE: One of the things that I’ve done in the past is I’ve talked to parents at the high school in Fairfield. And one of the things that I tell them is after you go to the admissions office at any school, go to the career center. Because it’s a great place to find out whether your son or daughter is going to have a good chance of finding a job, because you can find out what companies actively recruit at the school. And if you can see big-name companies, you kind of know that the education there is valued by employers. … I would say follow your passion, figure out what you have to do. Once you get into a school, what you do there is totally up to you. You could go to a second-tier school, let’s call it, and graduate in the top three percent of your class. And you would have a very bright future, you’d have very high prospects. Some kids today are graduating with $200,000 in debt, $100,000 in debt, and maybe they just weren’t the best consumer, you know, when it came right down to it.