Via MR, here’s an interesting piece on the non-pecuniary benefits of schooling. The authors of the paper cited in this article point out that, “despite the erosion in the monetary returns from college since 2000,” there are still large non-pecuniary benefits to higher education. These include: increased enjoyment of work, better decisions about health, marriage, and parenting, more patience, less likelihood to engage in risky behavior, etc.
Basically, the paper suggests that college is still a “worthwhile investment” if you consider the non-monetary returns you get from a university education. But is this really that startling of a conclusion? How many students at Cornell (whose parents pay full tuition) decided to come here over a cheaper state school because of a higher predicted earning potential? I would guess very few. I think a lot of people who fit into this category -I’m from Virginia, so I passed on one of the best state university systems in the country- would agree that students come to Cornell for the prestige of the school, the quality of instruction, the boundless educational opportunities on campus, and the chance to be surrounded by equally intelligent and motivated peers. If the “investment” of college were strictly considered in monetary terms, you would see a lot more students passing on higher education to take real jobs out of high school. (And as our camping friend showed, you can make lots of money in the real world).
