Does Higher Education Count Less for Economic Success than for Personal Fulfillment?
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| Title: | Does Higher Education Count Less for Economic Success than for Personal Fulfillment? |
|---|---|
| Language: | English |
| Authors: | Adam, Michelle |
| Source: | Education Digest: Essential Readings Condensed for Quick Review. Feb 2006 71(6):47-51. |
| Availability: | Prakken Publications, 832 Phoenix Dr., P.O. Box 8623, Ann Arbor, MI 48108. Tel: 734-975-2800; Fax: 734-975-2787; Web site: http://www.eddigest.com/. |
| Peer Reviewed: | N |
| Page Count: | 5 |
| Publication Date: | 2006 |
| Document Type: | Journal Articles Reports - Descriptive |
| Education Level: | Postsecondary Education |
| Descriptors: | Educational Opportunities, Higher Education, Educational Benefits, Economic Impact, College Outcomes Assessment, Lifelong Learning, Life Satisfaction, Salary Wage Differentials |
| ISSN: | 0013-127X |
| Abstract: | There are a lot of people who believe that education is the engine of prosperity. This is believed to be true, but can't be proven according to researcher Watson Scott Swail, president of the Educational Policy Institute (EPI), a nonprofit, nonpartisan, nongovernmental organization dedicated to policy-based research on educational opportunity for all students. Swail saw the challenges of proving a strong link between education and economic success co-writing a report funded by the Bill and Melinda Gates Foundation, "Is More Better? The Impact of Postsecondary Education on the Economic and Social Well-Being of American Society." This article discusses Swail's report which focused on the private and public economic benefits of a four-year college education, and on the noneconomic returns postsecondary education seems to offer. Although it was hard to put a clear monetary figure on how higher education directly impacts people's lives and society, the report did provide clear signs that a four-year degree is worth its weight in gold. According to the report, four-year graduates make almost twice what noncollege graduates make, are more likely to be employed, and find jobs more easily. Even two-year-degree holders are more likely to enjoy a higher quality of life than those with only a high school degree, and those with some kind of college degree will have an easier time receiving employee benefit packages and good working conditions. Although Swail's report never did say, either way, if investing in higher education is worth it, it argued for providing an educational opportunity, especially for those on the bottom of the economic ladder. Swail's study did make clear, time and time again, that education does benefit the individual. But, as he pointed out, it is yet to be made truly possible for all. |
| Abstractor: | ERIC |
| Entry Date: | 2006 |
| Access URL: | https://www.eddigest.com/index.php |
| Accession Number: | EJ741025 |
| Database: | ERIC |
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| FullText | Links: – Type: pdflink Url: https://content.ebscohost.com/cds/retrieve?content=AQICAHj0k_4E0hTGH8RJwT4gCJyBsGNe_WN95AvKlDbXJGqwxwHe-_TMNxwHq8OAde4Qe3r0AAAA4jCB3wYJKoZIhvcNAQcGoIHRMIHOAgEAMIHIBgkqhkiG9w0BBwEwHgYJYIZIAWUDBAEuMBEEDDvyE4OxpVZ4GZzCpwIBEICBmkrdYS7pUqb5HVu3m48j0y_IYzQb8Fadx9oA1cCKjr-2Sl1QJMxZ1WylbD4vLUF9H7ZWYnR45sAMLoGMKxFPQTE8TnECevepQGlkhiwBkLfd0is2mPJMWwy7blz2RzG4Uw2tEfA4H_1pdQZwnJuwKqhCoiC2sUQM7lRzZq1QSNrTSvgGe8qKANMAjooRUsT0D4-l2aID0NZsxcY= Text: Availability: 1 Value: <anid>AN0019784673;edd01feb.06;2006Mar02.10:10;v2.2.460</anid> <title id="AN0019784673-1">Does Higher Education Count Less? </title> <p>ASK almost anyone if education is the key to economic success, and more often than not, you'll get a definite "yes." But finding research to prove it was harder than researcher Watson Scott Swail had thought.</p> <p>"There are a lot of people who believe that education is the engine of prosperity. We believe it is true, but we can't necessarily prove it," said Swail, president of the Educational Policy Institute (EPI), a nonprofit, nonpartisan, nongovernmental organization dedicated to policy-based research on educational opportunity for all students.</p> <p>Swail saw the challenges of proving a strong link between education and economic success co-writing a report funded by the Bill and Melinda Gates Foundation, Is More Better? The Impact of Postsecondary Education on the Economic and Social Well-Being of American Society.</p> <p>The Gates Foundation wanted us to look at all sides of it, while we wanted the report to mean something," said Swail, who gathered and reported on research currently existing on the economic returns of higher education: "What we were left with is that you have to be very careful with these economic-return-on-education reports. We don't have that much proof that it affects the economy."</p> <p>While Swail figured he'd "find a lot of evidence for the need for postsecondary education," he was shocked he couldn't substantiate that. But, he also noted, "We can't say the opposite. We know the greatest economic nations are educated, but we can't determine how much of it is really worth it."</p> <hd id="AN0019784673-2">Its Weight in Gold</hd> <p>The report focused on the private and public economic benefits of a four-year college education, and on the noneconomic returns postsecondary education seems to offer. Although it was hard to put a clear monetary figure on how higher education directly impacts our lives and society, the report did provide clear signs that a four-year degree is worth its weight in gold.</p> <p>According to the report, four-year graduates make almost twice what noncollege graduates make, are more likely to be employed, and find jobs more easily. Even two-year-degree holders are more likely to enjoy a higher quality of life than those with only a high school degree, and those with some kind of college degree will have an easier time receiving employee benefit packages and good working conditions.</p> <p>These benefits alone provide an incentive to go to college for so many from lower-income families and lower-income families of color, who, according to the report, receive fewer four-year degrees than middle-and upper-class whites and Asian-Americans.</p> <p>However, even for those who do receive a bachelor's degree and are African-American, Latino, or Native American, income disparities are evident: Median income for a white person with a bachelor's degree is $41,700, while a Hispanic so educated has median income of $36,300. A Hispanic with just a high school diploma earns, on average, $24,200, next to a white high school graduate at $29,000.</p> <p>"Among B. A. recipients, Asians make over $8,000 more than whites, who in turn make $1,700 more than blacks, who make $3,700 more than Hispanics," says the report. "Women earn considerably less than men. In 2003, a male B.A. recipient earned, on median, $56,500. A woman with the same level of education earned $41,300. This finding is exacerbated at the professional level, where men earned $100,000 and women earned $66,500. Not all is equitable in America."</p> <p>Asked why the difference between salaries of different races with the same degree, Swail said: "Part of this has to do with multi-generational issues. First-generation college students take time to earn the same as students that aren't first-generation. The degree moves you up the playing field, but it takes time to earn the same."</p> <p>Asian-Americans earned the most for their level of degree, and Swail attributed this to their work ethic and preparation in earlier schooling. They often come from schools overseas where they have been schooled well in the lower levels. Our schools don't prepare students as well."</p> <p>Despite the difference between races in money earned, the report showed, without doubt, that those with higher degrees earned higher pay. At the level at which this impacts public economic prosperity, degree holders pay higher taxes, buy more goods and services, require less government aid, and are generally more productive.</p> <p>But, whether the nation's and state's economies grow as a result of public investment in higher education is still under-determined. There is hope, however, in early findings that "state higher education policy directly impacts the creation of new business. A similar finding suggests highly skilled labor creates its own demand. These findings are complementary in that they both discuss a positive relationship between state support for higher education and economic growth."</p> <p>Without clear evidence of the actual economic benefits of public investment in higher education, states have been pulling back on funding of postsecondary education, and the rising price of a college education is increasingly a hindrance for students obtaining a degree.</p> <p>Notes the report, "At the end of the 20th century and now, in the early 21st century, we are experiencing significant reductions in state support for higher education. Clearly, a decision has been made, whether actively or passively, that higher education is not the best use of state resources."</p> <p>Can our society afford to wait for evidence of direct returns on our investment in education, when those most impacted by limited investment in higher education are the lower-income white and minority students? Says the report, "When resources are scarce, we think we are better off when we find the most efficient ways to use them. But the most efficient means can also be inequitable."</p> <hd id="AN0019784673-3">Getting Lost</hd> <p>Or as Swail said, "When you drive toward efficiency, those on the bottom rung get lost. Many Hispanics from lower economic backgrounds have more hurdles to go through. We don't make it easy for first-generation students."</p> <p>Although studies show non-economic benefits to higher education like increased life expectancy, better health, higher quality of life for offspring, lower incarceration rates, higher volunteerism, and higher voter participation, economists say other researchers have been unable to say with absolute certainty that postsecondary education leads to economic growth. Says the report, "They assert that investment in postsecondary education is no longer investment toward economic growth but consumption. These scholars consider the entire endeavor to determine rates of return misguided and futile."</p> <p>In addition, it is not clear if the market can absorb more bachelor recipients if they did exist, and if more people obtaining a bachelor's can, in the process, diminish the value of a higher degree to begin with.</p> <hd id="AN0019784673-4">Raised Again</hd> <p>This argument was included in Is More Better? with this: "In more recent publications, Wolf takes this discussion to a new level by simply stating, without apology, that the idea of increased higher education contributing to economic growth is a myth. In Does education matter? Myths about education and economic growth, the University of London professor lays out various myths and discusses just how weak they are as arguments. In one instance, discussing the a fore mentioned issue of measurement, Wolf states, 'We cannot use rates of return to prove that more educational spending must be a good idea. On the contrary: It is no more self-evident that, since some education makes some of us rich, more would make more of us richer than it is that two aspirin good means five aspirin better.'"</p> <p>Looking at the direction of the job market, the report notes many economic-growth-area jobs not necessarily requiring a bachelor's degree. "We are probably not going to have many more bachelor-degree holders [than in previous years]," said Swail. "Only 25% of the population ends up with a bachelor's, yet only 20% of the jobs in our economy rely on a bachelor's. Most jobs are in the service industry."</p> <p>While some of the fastest growing occupations projected for 2000-2010 include ones that require bachelor's degrees (e.g., jobs in the medical and computer industries), many others don't need a four-year degree. In the same 10 years, jobs with the largest job growth not requiring a bachelor's (but more likely requiring training in specific skills) are in the customer service, education, and medical industries.</p> <p>Swail likened a potential glut in bachelor's degrees to what happened with too many people becoming lawyers in the past 10 years: "Most lawyers do not make a lot of money, because there's a glut in the market. $29,000 was the average earning for a lawyer 10 years ago."</p> <p>Swail says some states have low college attendance because people don't need a higher degree to get local jobs: "Nevada has the lowest college-going rates. People come out of high school and go into the gambling and gaming vocation. Why go to college? It's like having oil. But, they have a huge gap in the number of Latinos going to college, and they haven't made an investment in building off their successes."</p> <p>Although Nevada residents may rely on their gambling industry to build a strong economy that doesn't require bachelor's degrees, Swail says states should invest and build beyond their assets to grow a more reliable, longterm economy: "They could build off what they have and become a business center as well. If the money and people are there, they can build further systems. Orlando, Florida, was about Disney. But new businesses followed as the state invested in higher education. A large firm won't go there if they don't feel the talent is there."</p> <hd id="AN0019784673-5">A Seesaw</hd> <p>Swail describes postsecondary education and its potential impact on the local economy as like a seesaw: "If you don't invest in your postsecondary education, you won't create the knowledge that creates economic benefits in the state. You will also lose the jobs. There's a sense you have to create a system, an educational system, and then you can attract businesses with tax incentives to come to your state."</p> <p>Swail talked about the reality that countries like China are investing increasing amounts of money in education, while we are pulling back from our investment: "So much money is being poured into education that soon the Chinese system will dwarf the U.S. educational system. They are pouring a lot of money into education and hiring back the best. We are trying to 'ramp' it up — talking about the need for postsecondary education. We are doing it because we're scared of the alternative — that we're no longer going to be the best."</p> <p>Although Swail's report never did say, either way, if investing in higher education is worth it, it argued for providing an educational opportunity, especially for those on the bottom of the economic ladder. He says, "There are three ways to get ahead: Win the lottery, get married into wealth, or get an education. Education is the one thing that no one can take away from you. It proves you can go beyond."</p> <p>Swail's study did make clear, time and time again, that education does benefit the individual. But, as he pointed out, we have yet to truly make this possible for all.</p> <p>"We are not doing the job we need to do. We need to open those doors. Those who don't have the advantage of an education have found that it's getting harder and harder every time," he said. "The one thing we need to do is ensure that everyone has the right opportunity. We have to go back to what America is all about. It is the land of opportunity and giving people a chance. We have to stand up for that and give people the right opportunities to meet their dreams."</p> <p>Condensed from The Hispanic Outlook in Higher Education, 16 (November 21, 2005), 24-25. Published at 210 Route 4 East, Suite 310, Paramus, NJ 07652.</p> <aug> <p>By Michelle Adam</p> <p></p> <p>Michelle Adam is a Contributing Editor for The Hispanic Outlook in Higher Education.</p> </aug> |
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| Items | – Name: Title Label: Title Group: Ti Data: Does Higher Education Count Less for Economic Success than for Personal Fulfillment? – Name: Language Label: Language Group: Lang Data: English – Name: Author Label: Authors Group: Au Data: <searchLink fieldCode="AR" term="%22Adam%2C+Michelle%22">Adam, Michelle</searchLink> – Name: TitleSource Label: Source Group: Src Data: <searchLink fieldCode="SO" term="%22Education+Digest%3A+Essential+Readings+Condensed+for+Quick+Review%22"><i>Education Digest: Essential Readings Condensed for Quick Review</i></searchLink>. Feb 2006 71(6):47-51. – Name: Avail Label: Availability Group: Avail Data: Prakken Publications, 832 Phoenix Dr., P.O. Box 8623, Ann Arbor, MI 48108. Tel: 734-975-2800; Fax: 734-975-2787; Web site: http://www.eddigest.com/. – Name: PeerReviewed Label: Peer Reviewed Group: SrcInfo Data: N – Name: Pages Label: Page Count Group: Src Data: 5 – Name: DatePubCY Label: Publication Date Group: Date Data: 2006 – Name: TypeDocument Label: Document Type Group: TypDoc Data: Journal Articles<br />Reports - Descriptive – Name: Audience Label: Education Level Group: Audnce Data: <searchLink fieldCode="EL" term="%22Postsecondary+Education%22">Postsecondary Education</searchLink> – Name: Subject Label: Descriptors Group: Su Data: <searchLink fieldCode="DE" term="%22Educational+Opportunities%22">Educational Opportunities</searchLink><br /><searchLink fieldCode="DE" term="%22Higher+Education%22">Higher Education</searchLink><br /><searchLink fieldCode="DE" term="%22Educational+Benefits%22">Educational Benefits</searchLink><br /><searchLink fieldCode="DE" term="%22Economic+Impact%22">Economic Impact</searchLink><br /><searchLink fieldCode="DE" term="%22College+Outcomes+Assessment%22">College Outcomes Assessment</searchLink><br /><searchLink fieldCode="DE" term="%22Lifelong+Learning%22">Lifelong Learning</searchLink><br /><searchLink fieldCode="DE" term="%22Life+Satisfaction%22">Life Satisfaction</searchLink><br /><searchLink fieldCode="DE" term="%22Salary+Wage+Differentials%22">Salary Wage Differentials</searchLink> – Name: ISSN Label: ISSN Group: ISSN Data: 0013-127X – Name: Abstract Label: Abstract Group: Ab Data: There are a lot of people who believe that education is the engine of prosperity. This is believed to be true, but can't be proven according to researcher Watson Scott Swail, president of the Educational Policy Institute (EPI), a nonprofit, nonpartisan, nongovernmental organization dedicated to policy-based research on educational opportunity for all students. Swail saw the challenges of proving a strong link between education and economic success co-writing a report funded by the Bill and Melinda Gates Foundation, "Is More Better? The Impact of Postsecondary Education on the Economic and Social Well-Being of American Society." This article discusses Swail's report which focused on the private and public economic benefits of a four-year college education, and on the noneconomic returns postsecondary education seems to offer. Although it was hard to put a clear monetary figure on how higher education directly impacts people's lives and society, the report did provide clear signs that a four-year degree is worth its weight in gold. According to the report, four-year graduates make almost twice what noncollege graduates make, are more likely to be employed, and find jobs more easily. Even two-year-degree holders are more likely to enjoy a higher quality of life than those with only a high school degree, and those with some kind of college degree will have an easier time receiving employee benefit packages and good working conditions. Although Swail's report never did say, either way, if investing in higher education is worth it, it argued for providing an educational opportunity, especially for those on the bottom of the economic ladder. Swail's study did make clear, time and time again, that education does benefit the individual. But, as he pointed out, it is yet to be made truly possible for all. – Name: AbstractInfo Label: Abstractor Group: Ab Data: ERIC – Name: DateEntry Label: Entry Date Group: Date Data: 2006 – Name: URL Label: Access URL Group: URL Data: <link linkTarget="URL" linkTerm="https://www.eddigest.com/index.php" linkWindow="_blank">http://www.eddigest.com/index.php</link> – Name: AN Label: Accession Number Group: ID Data: EJ741025 |
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| RecordInfo | BibRecord: BibEntity: Languages: – Text: English PhysicalDescription: Pagination: PageCount: 5 StartPage: 47 Subjects: – SubjectFull: Educational Opportunities Type: general – SubjectFull: Higher Education Type: general – SubjectFull: Educational Benefits Type: general – SubjectFull: Economic Impact Type: general – SubjectFull: College Outcomes Assessment Type: general – SubjectFull: Lifelong Learning Type: general – SubjectFull: Life Satisfaction Type: general – SubjectFull: Salary Wage Differentials Type: general Titles: – TitleFull: Does Higher Education Count Less for Economic Success than for Personal Fulfillment? Type: main BibRelationships: HasContributorRelationships: – PersonEntity: Name: NameFull: Adam, Michelle IsPartOfRelationships: – BibEntity: Dates: – D: 01 M: 02 Type: published Y: 2006 Identifiers: – Type: issn-print Value: 0013-127X Numbering: – Type: volume Value: 71 – Type: issue Value: 6 Titles: – TitleFull: Education Digest: Essential Readings Condensed for Quick Review Type: main |
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