Direct Speech and Indirect Speech
Human Motivation 263
Benjamin Franklin, one of the founding fathers of the United States, once
said, “An investment in knowledge pays the best interest.” These days, a college
education is a signifi cant investment, so it makes sense to consider carefully whether
it is worth the time and money. In good economic times and bad, and in spite of
its rising cost, the answer appears to be “yes.” Figure 1, from the Organization for
Economic Cooperation and Development (OECD), shows that around the world the
number of people getting a college education is rising steadily.
A college education has a broad and positive impact. People with a college
degree are by far the most likely to enter and remain in the labor force. In OECD
countries, average participation in the labor force for those who never completed
high school is about 59%. The OECD reports that for those with a high school
degree, the fi gure is about 76%, and for college graduates, it is about 84%. They
also state that college graduates earn more than those with only a high school
degree. In the United States, a new high school graduate earned on average
less than $30,000 per year in 2017, whereas those with a college degree made
over $52,000. Over a lifetime, that difference adds up to about a million dollars.
Figure 2 illustrates that the impact of a college degree on income in selected
OECD countries can be dramatic.
The consequences of getting—or not getting—a college education extend
beyond income. There is a strong association between education and health.
Chronic
1
diseases, such as heart disease and diabetes, pose the greatest risks to
public health in developed countries today. These diseases are caused, at least
partly, by lifestyle choices, such as poor diet or smoking. In general, people with
higher levels of education make healthier lifestyle choices and have greater access
to high-quality healthcare.
It is evident that a college degree provides an economic advantage, but not all
degrees have the same earning power. Most analysts suggest that degrees in STEM
fi elds (science, technology, engineering, and math) have the greatest potential
impact on future income. In the United States, a college graduate with, for example,
a chemical engineering degree can expect to earn about $70,000 annually,
whereas a graduate with a literature or art degree may be lucky to get $36,000
for an entry-level position. Marc Andreessen, the founder of the internet company
Netscape, once declared that someone who studies a non-technical fi eld like literature will probably end up “working in a shoe store.”
Yet, technical knowledge alone may not be suffi cient for success. Steve Jobs, one of the founders of Apple, famously claimed, “It’s
technology married with liberal arts … that yields the results that make our hearts sing.” Other major employers in the technology fi eld agree.
Industry leaders say that employees from the liberal arts are often good at managing ambiguity, unlike engineers, who tend to see situations in
black and white. Liberal arts graduates can see a problem from multiple perspectives.
It is interesting to note that the income gap between liberal arts and STEM graduates gradually diminishes as they continue in their careers.
In fact, liberal arts degrees are quite common among the world’s most highly paid workers. About one-third of the directors of Fortune 500
companies have a liberal arts background. Students, parents, politicians, and industry leaders may argue over which are the most valuable
degrees, but the value of a college degree in general cannot be disputed.
1
chronic (adj) lasting for a long time, especially something bad
What Is the Value of a
College Education?
5
10
15
20
25
30
35
40
60
50
40
30
20
10
0
Canada
United Kingdom
United States
Germany
Japan
Mexico
OECD average
Poland
South Korea
Spain
Turkey
2000
2017
Figure 1 Percentage of Population (25–64) with a College Education
Source: Organization for Economic Cooperation and Development (OECD),
Online Education Database, retrieved September 13, 2019, from https://stats.
oecd.org/Index.aspx. See Digest of Education Statistics 2018, table 603.20.
Figure 2 Level of Earnings Relative to Education
Source: OECD (2019), Education and earnings: Level of earnings relative to
median earnings, by educational attainment, OEC.Stat, https://stats.oecd.org/
Index.aspx?DataSetCode=EAG_EARNINGS, accessed on August 1, 2019.
At or below the median income
More than 2x the median income
United
States
Turkey
Slovakia
Portugal
Korea
Mexico
France
Czech
Republic
Chile
Germany
Australia
0 10 20 30 40 50 60 70 80
Percent of population with a college degree