How does education work? Where does the money come from? Who pays for it? Is going to college a good investment? Adriene and Jacob are talking today about the economics of education. Most countries require that their citizens get some education, and most countries pay for basic education, but the quality of education can vary widely. And in the US, post-secondary education can come with a lot of costs.
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Economics of Education: Crash Course Economics #23
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Economics of Education: Crash Course Economics #23
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34 comments
Who is watching in 2020 ?
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Some pretty questionable notes, but go wild yall
Economics of education
Education is considered a positive externality –
a benefit that is enjoyed by a third-party as a result of an economic transaction
(helps individuals and society as a whole)
US has a problematic educational system, one of
which – inequality. Funding is needed, but for others competition is needed.
Investing in primary and secondary education is considered a priority.
College has more requirement for enrolling and
doing the degree. College graduates earn more, by showing proof for finishing a
degree basically – a diploma.
Cost – expensive in the U.S. Forcing students to
take loans. There was an inflation in prices in recent years. There are options
for discounting (scholarships, etc) Inflation in prices of unis are because the
actual costs of running a college is higher.
total off subject, but what kind of plant is that behind the desk that Adriene is sitting at? It's so pretty! Also nice pic of the UT Austin campus in this video, my alma.
Do appreciate your plug for trade. It was really under-sold in my generation and is a great way to get a good, well-paying, rewarding career. Even my friends who self-taught business and tech skills have done much better than folks who went for degrees in many cases. You don't start out well sure, but you're climbing the ladder getting EXACTLY the skills your field wants in the years all your friends are in uni, racking up debt. Much better option for like 90% of fields imo.
Mate, saying two fractions in a row doesn't make them related. Literally no one I know with 6 figure debt dropped out of college… Just because a lot of people drop out doesn't mean those are the people with the bad debt. Objectively they are going to have less debt than they would have if they stayed in. Who even wrote this episode?
COLLEGES NOW EMPLOY MORE ADMINISTRATORS AND PAY THEM A WHOLE BUNCH OF MONEY I just want to point that one out to the audience. It's way more key than you're thinking. If you're at a public uni you can look up the pay of any uni employee online, it's public record. Look at who your highest paid are (coaches and admin usually). Look how much they are paid. You're paying for that. And that's just at a public uni.
You guys have to stop referring to the 'European Union' for comparisons. The EU consists of vastly different countries, with very different economic and political frameworks. Just select one country from the EU if you are to make comparisons.
"… getting a real job"? Woah hold up.
imagine going to a 4 year and not a trade hahahaahah
In addition to signaling theory, it could be that people who are more likely to go to college are more likely to have access to connections. 7 and a half semesters of college also provides some level of signalling.
Competition would be a good motivator, primary secondary needs complete program overhaul and move to the next level. Average teacher on a higher level is equal to the best teachers on the lower level. Better to move to the next level rather than try to perfect all the teachers.
Right now. Bernie Sanders is pushing for college tuition forgiveness. Which would mean more taxes for everyone.
(if he gets the presidency) I'm really for the option of if you apply for tuition forgiveness. You forfeit your degree, that will change who they vote for.
My little 2 cents on this.(background on me, i've been in the military for 12 years. i've only have my high school dip.)
i've seen more younger troops with BD/MD. but wow, they do not know how to tie their boots.
i had this one guy with a MD, ate expired vienna sausages. i told him not to do it. he was useless for about 2 days after.
i would have just random conversations about random stuff of interest. i'd have to say he is one of the dumbest people i have ever met. it had gotten to a point that i couldn't work with him because i couldn't trust him.
(he still is in at the time of this comment)
Thanks.
Question… If the demand for college is high then why is the cost high as well?
Most Economists i have read about were well educated and had rich families.
Distractingly did not stick with a single spelling of the past participle of "signal" (number of l's)
I've come to believe there is no mechanical solution to improving the education process. It's a complex social issue at large numbers. At an individual level it seems to come down to a willing student and a wise teacher.
1:14 Detroit: Become Stock Photo Human
As a recent graduate, I've noticed a lot of college students not come out smarter after graduating. Sure they've received the information from their college if they attended lecture, but that doesn't mean they will apply it in the future. Some didn't know or care what they majored in from the start and just went to college because they were pressured to do so by their family or friends. The information they received and the amount they paid for it was practically wasted knowledge.
Lionel Messi earns $ 646,000, should have foregone this and did an Arts degree…
I like the AC DC belt
Liberal bs
Robert message…
huh that Data I see what you did there
I graduated in 2018 Summa Cum Laude with my Bachelor of Science in Finance and was in 4 honors societies. Additionally, I'm an accomplished Toastmaster and am about to achieve the highest honor of Distinguished Toastmaster.
I've put in over 150 applications and can't get hired anywhere. This video made me sad. :-p Thank goodness I graduated with $0 debt!
The reason educators are able to connect college readiness to economics is that economics is literally the study of how resources are distributed throughout society, and the scarcest resource available is time. That is why people say things like "it's never too early to plan for the future" or something like that.
CC should present a reference for their statistics to make them more trust-worthy
Aao yadi Hindi mah bata sakti ho to bata do
Collage Thermometer=Collage Degrees
I am going to bring up symbolic-interaction again. Like I said before symbolic interaction theory is the idea that people find meaning in images and ideas. So here is an example of symbolic interaction in the economics of education. Let's say two people are applying for the same position at the same company, and to rule out any personal discrimination let's say they are both the same age, gender, race, and sexuality. Let's say tyat Person A has a business degree from Harvard, but didn't actually put in the effort to learn any of the material and hasn't had any internship experience and the only reason they have the degree was because their parents paid for them to have that degree. Let's also say that Person B has the exact same degree from a small community college that has an equally credible business program, but Person B actually put in the time and effort to attend every single class, studied as hard as they could, has a 4.0 GPA, and spent a couple summers interning a local business. Because of symbolic interaction if the employer focused on what college they went to and not actual experience and ability, Person A who is less experienced but has a degree from a more notable college is more likely to be hired for the position than Person B who has more experience and is better qualified for the position but has a degree from all not as well-known college.
this episode is biased and untrue
College is a scam.
Hi. this was very educative, now i know thank you so much.