[LINK] "Value of a Degree"

[rfmcdonald]

At Extraordinary Observations, Rob Pitingolo writes about the declining marginal value of graduate school education.

The first woman to wear high-heeled shoes was at a distinct advantage being several inches taller than everyone else. But as more women started wearing them, the advantage started to fade. Eventually, high-heeled shoes generated no relative advantage, but became a sort of "requirement" in social situations. Granted, there's a big difference here, in the sense that a society is better off when everyone is well-educated, but there really isn't much social gain from women who appear a few inches taller. The problem is that the cost of educating everyone is so painfully expensive.

The Great Recession has had some strange impacts. There are people in my class who aren't even bothering to look for work, because enough people have told them they can just "ride it out" in grad school. I'm not complaining if it means less competition in my own entry-leveljob search, but for the people I care about, I'm not sure how it will ultimately play out. Two years from now, if the economy recovers, which person will be theoretically more employable?.. a bachelor's degree holder with two years of full-time professional experience? or a master's degree holder with none?

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