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Outside of increasing earning power, does schooling really have much of an impact on our lives?

Eric Barker
August 13, 2010

Absolutely:

This paper explores the many avenues by which schooling affects lifetime well-being. Experiences and skills acquired in school reverberate throughout life, not just through higher earnings. Schooling also affects the degree one enjoys work and the likelihood of being unemployed. It leads individuals to make better decisions about health, marriage, and parenting. It also improves patience, making individuals more goal-oriented and less likely to engage in risky behavior. Schooling improves trust and social interaction, and may offer substantial consumption value to some students. We discuss various mechanisms to explain how these relationships may occur independent of wealth effects, and present evidence that non-pecuniary returns to schooling are at least as large as pecuniary ones. Ironically, one explanation why some early school leavers miss out on these high returns is that they lack the very same decision making skills that more schooling would help improve.

Source: “How large are returns to schooling? Hint: Money isn’t everything” from NBER Working Paper No. 15339, Issued in September 2009

If you’re looking to refresh your brain I highly recommend: An Incomplete Education: 3,684 Things You Should Have Learned but Probably Didn’t.

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Post Information
Title Outside of increasing earning power, does schooling really have much of an impact on our lives?
Author Eric Barker
Date August 13, 2010 4:06 AM UTC (13 years ago)
Blog bakadesuyo
Archive Link https://theredarchive.com/blog/bakadesuyo/outside-of-increasing-earning-power-does-schooling.16876
https://theredarchive.com/blog/16876
Original Link https://www.bakadesuyo.com/2010/08/outside-of-increasing-earning-power-does-scho/
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