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Quantifying the Value of Education
Transcript of Quantifying the Value of Education
One for All - Equal Opportunities
Utilitarians may argue that college should be free or available to all
The benefits of higher education would increase productivity
Lower prices would increase happiness
A formal education consists of a variety of higher pleasures
Could perpetuate its own beneficial effects
The Downfalls of Equality
An equal cost assumes equal and full utilization of resources
Is it really equal if someone pays for resources they do not use?
Similarly, a tuition involves atmosphere and location as well
Not every institution has the same opportunities to give
Atmosphere is dependent on the students
The costs/time taken to homogenize higher education facilities would be immense
Realistically impossible without uprooting the foundations of education
From a utilitarian point of view, would probably hurt more than it helps
Contradiction between equal opportunities/costs and higher impact jobs
Should a doctor's education be the same cost as as janitor's?
Laissez-Faire: A Free Market Perspective
A free market for tuition would leave the question of availability to the people alone
There is clearly a high amount of people willing and able to pay more
However, due to the importance of education, more money should be allocated to it
Government should not be involved in educational organization
The "Free" Market Problem
A free market for education would hinder social mobility
It is important for the population to be educated
Detriments in limited educational availability
Does the willingness of the population to spend justify the exorbitant costs?
Exponential growth in cost over time
Citizens are not obliged to reinvest into education
Practicality - Media controversy
Whose education is better?
Quantifying the Value of
From ethical standpoint, should education cost anything?
Education benefits society....So why should people struggle to obtain one?
"I 'm going to be a productive member of society! "
Government: "A college education is vital for success"
You can be...at a cost
"...But Medicaid is also important for society's benefit and it also has a price!"
Difference: Education is essential to progression as a member of society. Medicaid is more or less an option.
It's possible to accurately measure the value of educational tools like textbooks...
...But what about the actual tuition?
Generally, there is a certain price per credit which is basically putting a price tag on time spent in lectures...
...but this can vary from college to college, and does not account for a host of other factors
How can we objectively show the value or quality of education?
Post-graduate job acceptance
Income of workers with similar degrees
Quality of living
By Daniel Guan and Lukasz Grabowski
College Prices Throughout History
Change Over Time
Modern Times - Drastic Changes
Cost of college degree in U.S. has increased 1120% in last 30 years
Proof that U.S. valuation of education isn't inherently unjust and lopsided
An enormous, unwarranted change in a single generation
Does not follow trends of previous 200 or so years
Medieval Europe (1100-1200): tuition is almost nonexistent
Limitations for students are more related to available fields of study and time for obtainment of degree
Trends in the United States:
More willing students = higher cost
Higher quality & quantity of resources provided by college = higher cost
United States (1800): Tuition very low, but living expenses made college exclusive to the higher class
The Answers & Solutions
Individual pursuits of profit cannot be a factor in the price tag of college
Ethically, education should be free for the individual
Government should subsidize entire tuition
Students should incur living expenses
room & board, etc.
The additional tuition for the actual "education" is middle ground between affordability for students and prosperity for universities
Government will regulate the money that is given to colleges so that it's invested back into the institution
The abandonment of the idea of quantifying education makes it impossible to do so in today's society
Pursuit of money outweighs fair breakdown of tuition, making today's college prices trivial in terms of value
Progressive tax: certain percentage of income will go toward tuition if a person decides to attend college
Better colleges will have a higher rate