Monday, February 13, 2017

The world couldn’t afford engineering degrees without philosophy majors - Allison Schrager, Quartz

Though it costs more to educate an engineer, it pays off, according to the paper—at least, for the student who gets the degree. The chart below shows the earnings of past graduates, up to age 45, (controlling for demographic and institutional factors) minus the cost of each degree. The value of each degree is scaled to show how much it pays off relative to an education major (which is set to zero). For example, a business major can expect to earn $78,000 more (after costs) than an education major by the time they reach age 45. At most universities, people pay the same tuition no matter what they study—and what students pay in tuition is less than what the university spend to educate them, no matter what they study. But universities spend different amounts on different degrees, and english and philosophy majors demand fewer resources—which means they essentially subsidize engineers. (interesting charts included at URL)

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