Is it rational for some people to end their formal education with high school degrees, some to finish with college degrees, and some to obtain graduate degrees? Using what you know about opportunity costs and what you just learned in the article, answer the question above explaining your rationale.
7 Comments
Alana Gross
6/13/2013 10:15:06 am
One would believe completing the highest level of education possible would be the most rationale decision if a guaranteed job is offered after obtaining all graduate degrees. A high school student must contemplate if it is cost effective to continue on with their education. If the student can afford the financial burden of higher degree education and are willing to put more work into their resume, continuing with school should be an option. Yet if one's educational costs will not be covered by the student's occupation in the future, obtaining another degree would not be worth the effort. Moreover, going to school for a longer time may show an employee that one person is more qualified for a position over another person with only a high school degree. However, if one finds a high paying job out of college without pursuing school further, he or she should take the job for work experience. The opportunity cost for that person would be the potential to earn a large salary without paying for more educational degrees. This decision would in the end be more beneficial for the student.
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YuNing Lin
7/9/2013 05:39:46 am
For each individual person a different path of education may be chosen. For some individuals, simply a high school degree is satisfactory. While for others a college or graduate degree is better. It all depends on what is more important to the individual. For example, an individual with a high school degree may have an annual salary of around 15,000 to 25,000 while an individual may have an annual salary of 40,000 to 100,000. One may then think that of course it would be better to get a higher education because the pay is higher. However, one must take into consideration that in order to get a higher degree, more education is needed. College requires finances for room, tuition, board, food, living, clothing, books, transportation, and costs for a degree program. Some individuals cannot afford to pay those expenses and therefore it is more beneficial for them to get a job that does not require a high education. While for the people that can afford a further education, they forfeit time and years of actual working experience. So, for one student a college or graduate degree is not as important as a tangible pay. While others may be willing to spend the extra time to get a higher education to make themselves more appealing and appropriate for the job position. All in all, it is rational for some people to end their education with a high school degree, college degree, or a graduate degree. The opportunity cost for the individual would be things like working experience, tuition, education expenses, time, and salary. The final decision depends on what the individual determines is more beneficial and “worth” more for their own personal situations.
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Aaron Yoo
7/27/2013 03:41:54 pm
Although education does increase one's capital, it is merely a fraction in determining the potential gross salary of the individual. Especially with the current array of jobs to succeed in, education, it seems, is superfluous in determining earning potential. Pursuing further education means sacrificing four or more years (depending on what type of degree one may seek) on competing with others in the same area of work without the guarantee of a job after graduation. In contrast, giving up on college and specializing in a specific skill create a more favorable equation in finding a career for yourself, but with the downside of lower paying jobs. In all, it all comes down to the degree of success one is looking for which then determines to level of education one may need in order to fulfill it. (WHY DID OTHER PEOPLE WRITE SO MUCH?!?)
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Andrew Costello
7/28/2013 02:25:56 am
The occupation one looks to pursue determines the extent of formal education that needs to be completed. An example would be that if someone wanted to get a graduate degree and wanted to perform manual labor for the rest of their life; the cost of the degree could never be recouped with the wages earned in such a job. When a person has been enrolled in college for the last 4 years and it is time for them to graduate they are faced with the question of looking for a job or enroll in graduate school. The opportunity cost of them continuing their schooling is the work experience they would have gained at their job and the salary they would have earned, compared to the potential of a higher starting salary and greater career trajectory by having completed graduate studies. The direct relation, between how much schooling is necessary and whether someone is successful or not, is based in part on whether their schooling enabled them to earn a higher starting salary and achieve greater career potential.
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Max Natanagara
7/28/2013 07:49:04 am
I don't understand the question. Just kidding! To answer the question as directly as possible---yes, it is entirely rational for some to stop formal education with high school and for some to go on to higher education. First of all, we should recognize that the decision to further one's education is an intensely personal one. In this modern era, there seems to be a certain stigma that surrounds the actions of those who don't move on to earn undergraduate or graduate degrees. While this stigma may never go away, the reality is that college just isn't for everybody. It's true that education is the best way to increase one's human capital, and as the article points out, those with more education generally earn more than those with less education. So are the different educational paths "rational?" That's a difficult question. If success/happiness was based solely on monetary gain, then perhaps attending college would be the most "rational" choice. But humans are motivated by countless other factors, and everyone is unique. Is a high school graduate who chooses to forgo college in order to found his or her own landscaping business making a more "rational" choice than another graduate who decides to pursue a Bachelor of Music degree? There's really no definitive answer. We can only hope that in the future our progressive society will stop equating accomplishment with where you went to school or where you work and instead place value on whether or not your actions better the lives of those around you. THAT would be rational.
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Raul Mendoza
7/29/2013 09:04:58 am
Technically speaking in terms of of consistency and no aberrations it is quite reasonable for some people to finish with high school degrees, others with a college degree and others obtain graduate degrees. Each of these options are reasonable due to opportunity cost which takes into account all aspects of a decision like time and money. For instance someone who chooses to only have a high school diploma can start working right away and not have any financial burdens like the cost of attending college. So they make more money quicker, but only short term because in choosing to work early they've limited their future employment opportunities and restricted how much they could win that is the opportunity cost. With a college degree the individual has obtained a higher level of education and has many more jobs available as well as earning more money in the long run. In exchange though, they spent years studying instead of working and making money as well as incurring debt. Finally, someone with a graduates degree earns the most money of anyone and possibly lives an easier life due to the nature of their work. In return for a higher salary and easier living they gave up the most amount of time in terms of making money and incurring the largest debt. In all, each is reasonable depending on what the individual values the most.
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Kelly Conway
7/31/2013 03:38:51 am
The varying levels of education that students complete is rationalized by the type of occupation and salary they wish to obtain in his career. If a student aims to make a lower income due to the type of job he desires, it is not beneficial to spend so much money and time on higher education that is not necessary or required for the job. Yes, the student is compromising his education for immediate work, but he is assessing the potential losses that would result in debt and unnecessary wastes of time, while immediately gaining income. However, if a student intends on reaching the highest level of economic and professional prosperity, the costs of college and higher education programs is rationalized, as these are often required for certain jobs. The costs of time and money will be made up for eventually in a rewarding manner. A student must analyze what his career goals are, and in doing so, decide which level of education will be most beneficial, taking into account the money spent on the specific program, time, career requirements, and real life experience.
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