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Posted: February 28th, 2022
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Class,For me the opportunity cost of attending school, and getting a degree isn’t something that worries me. The opportunity cost of not furthering my education, receiving a degree, and potentially being employed in a better company due to a degree is the cost I’m not willing to pay. We learn that an opportunity cost is an individual will have to sacrifice one option in the choice of another option. You can not have A and B as you’ll be losing the opportunity cost of the ability to choose one after picking another. So, A (Getting an education, and sacrificing time for hobbies or leisure) or B (Choosing leisure or hobbies over getting a degree), and for me B will not be worth the advantage that A potentially has to offer.“The point of the aphorism is that sometimes you have to make a choice between two options that cannot be reconciled. In Russian, you’d say, “You can’t sit on two chairs,” and in German, “You can’t dance at two weddings (Zimmer, 2011).” These statements illustrate the point of opportunity cost perfectly in the regard. So, you can’t truly party and excel academically when it comes to economic theory as one option is ultimately lost between the two choices. The potential student should be intelligent enough to way the options and choose which cost they will ultimately be paying for one over another.-L.K. Innes.
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References
Zimmer, B. (2011, Feb 18). ‘Have Your Cake and Eat It Too’. Retrieved from The NY Times Magazine: https://www.nytimes.com/2011/02/20/magazine/20FOB-onlanguage-t.html
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Sample Reply / Discussion Response:
The analysis of opportunity cost in relation to higher education presents a compelling argument. The long-term benefits of pursuing a degree, including increased earning potential and career opportunities, often outweigh short-term sacrifices. Research by Deming et al. (2021) supports this view, showing substantial lifetime earnings premiums for college graduates. However, it is crucial to consider that the value of higher education varies across individuals and fields. Some industries may prioritize practical experience over formal qualifications, altering the calculus of opportunity cost (Bessen, 2020). Additionally, the intangible benefits of university education, such as critical thinking skills and expanded social networks, contribute significantly to personal development (Kromydas, 2017). While the opportunity cost of forgoing immediate income and leisure time is substantial, the potential returns on investment in education, both financial and personal, make it a worthwhile consideration for many individuals seeking long-term career success and personal growth.
References
Bessen, J., 2020. Automation and jobs: When technology boosts employment. Economic Policy, 35(100), pp.3-43.
Deming, D.J., Yuchtman, N., Abulafi, A., Goldin, C. and Katz, L.F., 2021. The value of postsecondary credentials in the labor market: An experimental study. American Economic Review, 111(5), pp.1546-81.
Kromydas, T., 2017. Rethinking higher education and its relationship with social inequalities: past knowledge, present state and future potential. Palgrave Communications, 3(1), pp.1-12.
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Discussion Post Response Notes to consider:
Opportunity cost represents a fundamental concept in economics, compelling individuals to evaluate trade-offs between alternative choices. In the context of higher education, students must weigh the potential benefits of pursuing a degree against other options, such as immediate employment or leisure activities (Psacharopoulos and Patrinos, 2018). This decision-making process involves assessing both short-term and long-term consequences, as well as tangible and intangible factors.
The decision to attend university often entails significant financial investments and time commitments. Students forgo immediate income and incur tuition costs, creating a substantial opportunity cost. However, research indicates that higher education generally yields positive returns on investment over an individual's lifetime (Oreopoulos and Petronijevic, 2013). These returns manifest in various forms, including increased earning potential, improved job prospects, and enhanced social mobility.
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Empirical evidence suggests that degree holders typically earn higher salaries compared to those without tertiary qualifications. A study by Deming et al. (2021) found that college graduates in the United States earn approximately 75% more than high school graduates over their lifetimes. This wage premium extends across different fields of study, though variations exist based on factors such as institution prestige and chosen career path.
Beyond financial considerations, higher education offers intangible benefits that contribute to personal and professional development. University experiences often foster critical thinking skills, expand social networks, and provide exposure to diverse perspectives (Kromydas, 2017). These attributes can prove valuable in navigating complex work environments and adapting to evolving job markets.
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However, the opportunity cost of pursuing higher education extends beyond monetary factors. Students sacrifice time that could be allocated to other pursuits, such as gaining work experience, developing entrepreneurial ventures, or engaging in leisure activities. This trade-off becomes particularly significant in an era of rapid technological change and evolving skill requirements in the labour market (Bessen, 2020).
The value proposition of higher education varies among individuals based on personal circumstances, career aspirations, and economic conditions. While some fields demonstrate strong correlations between educational attainment and career success, others may prioritise practical experience or specialised skills acquired through alternative pathways. As such, prospective students must carefully evaluate their unique situations and long-term goals when assessing the opportunity cost of pursuing a degree.
In conclusion, the decision to invest in higher education involves complex considerations of opportunity costs. While forgoing immediate income and leisure time represents a significant sacrifice, the potential long-term benefits of increased earning power and career opportunities often outweigh these short-term costs for many individuals. Ultimately, the value of a university degree extends beyond purely economic factors, encompassing personal growth and societal contributions that may prove difficult to quantify but remain integral to informed decision-making.
References:
Bessen, J., 2020. Automation and jobs: When technology boosts employment. Economic Policy, 35(100), pp.3-43.
Deming, D.J., Yuchtman, N., Abulafi, A., Goldin, C. and Katz, L.F., 2021. The value of postsecondary credentials in the labor market: An experimental study. American Economic Review, 111(5), pp.1546-81.
Kromydas, T., 2017. Rethinking higher education and its relationship with social inequalities: past knowledge, present state and future potential. Palgrave Communications, 3(1), pp.1-12.
Oreopoulos, P. and Petronijevic, U., 2013. Making college worth it: A review of the returns to higher education. The Future of Children, 23(1), pp.41-65.
Psacharopoulos, G. and Patrinos, H.A., 2018. Returns to investment in education: a decennial review of the global literature. Education Economics, 26(5), pp.445-458.
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