The duality of money and education

Discussion in 'Education' started by LafayetteBis, Jun 8, 2021.

  1. LafayetteBis

    LafayetteBis Well-Known Member Past Donor

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    TOLD-YA-SO!

    The highly beneficial Income-side of obtaining a Post-secondary Education.

    From here: NCES (National Center for Education Statistics)

    Annual Earnings by Educational Attainment - 2018/2019

    Median annual earnings for 25- to 34-year-olds:
    Total - $45,700 / $46,700

    Who completed less than high school
    $28,4000 / $29,300

    Who completed high school as highest level
    $35,500 / $35,000

    Who completed some college, but did not attain a degree
    $37,00 / $39,700

    Who attained an associate's degree
    $40,700 / $40,000

    Who attained a bachelor's or higher degree
    $59,000 / $59,700

    Who attained a bachelor's degree
    $55,700 / $55,700

    Who attained a master's or higher degree
    $66,200 / $70,000

    MY COMMENT

    So the above shows what we all kinda-sorta knew. The higher one gets in terms of PostSecondary education, the more they earn. And I call that goodness. Unfortunately the above does not give the "amounts" - that is, the percentage of high-school graduating students who pursue and graduate with a postsecondary degree ...

    PS: But are they any more "happier" than those who do not do so well education-wise? I doubt sincerely the NCES attempts to measure "happiness".
     
  2. kazenatsu

    kazenatsu Well-Known Member Past Donor

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    Let's remember there are two potential logical fallacies here.
    Correlation does not necessarily imply causation - it could be that certain type of people are both more likely to get an education and earn more income, rather than education being the cause of higher income; or it could very well be that offspring with genetics that will be more likely to lead them to earn higher incomes will have parents who could afford provide education to their children.
    Fallacy of composition - although giving one person more education might result in a higher income for the individual, the same will not necessarily be true for the group if you do that for an entire society. This could be true for example if employers were simply allocating out the higher paying jobs to the applicants with the highest educational credentials, rather than that education actually leading to more high paying jobs in the economy.
     
    Last edited: Jun 8, 2021
  3. LafayetteBis

    LafayetteBis Well-Known Member Past Donor

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    The link between education and income-level is well proven;

    And smoking pot does NOT change our regard as to the consequences in terms Wealth Sharing in America! Wealth Accumulation has gone too, too far!

    And over the past 30-years what we have done is "elect" the richer-class to populate both houses of Congress ... !
     
    Last edited: Jun 9, 2021
  4. kazenatsu

    kazenatsu Well-Known Member Past Donor

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    Hmm, I think you were totally missing the point of my post.

    (Unless I am misunderstanding the point of your post?)
     
    Last edited: Jun 9, 2021
  5. LafayetteBis

    LafayetteBis Well-Known Member Past Donor

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    Happens all the time. It's the medium of exchange that's to blame.

    Moving right along. At least nobody here in France has pulled out a gun and started shooting at me because they didn't like what I said!

    Uncle Sam has gone crazy with guns, guns, guns ...
     
  6. kazenatsu

    kazenatsu Well-Known Member Past Donor

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    I've noticed, throughout the many different threads you've posted in this forum, you seem to have a difficult time staying on one topic.
     

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