Sunday, June 26, 2011

College Pays Off

David Leonhardt of the New York Times presents a nice argument outlining the economic benefits of college these days, despite the recent spate of stories questioning its value. An interesting feature of his argument is that a college education increases earnings even for those in occupations that don't routinely require such an education, including secretaries, plumbers, and cashiers.  And he cites a study that shows that an investment in a college education, despite rising tuition and fees, pays off at a 15% average rate over time--more than twice as much as investing in stocks, for example. And of course there are, we like to believe, less tangible pay-offs as well.

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