Bye, Bye Buffalo

        Below is my final paper for my Current Economics Issues class in memory of my experience here at University at Buffalo.

“Felix qui nihil debet (happy is he who owes nothing)” – Roman Proverb

PREFACE

        This is my first and last semester at University at Buffalo. It was a “try-out” to see if university is really worth the time and money. So, to conclude the time I've spent here, I've decided to take the con side against a topic that was mentioned in a lecture by Professor Holmes at the beginning of the Fall 2010 semester in his Current Economic Issues class – the investment into education. He stated that we (students) are increasing our human capital by obtaining a college degree. This is true, however I seek to look more deeply into the implications of attending university and the lifestyle that follows. Below is research supporting my claim, along with generalizations that describe the typical four-year university student, many of which I have become personally associated with.


INTRODUCTION

        Education is oftentimes highly valued in American society. A college degree makes it easier to find higher-paying, steady jobs. Economics Professor at Skidmore College, Sandy Baum, tells us that college graduates earn, on average, about $20,000 more a year than those who finished their educations at high school. Add that up over a 40-year working life and the total differential is about $800,000. But since much of that bonus is earned many years from now, subtracting out the impact of inflation means that $800,000 in future dollars is worth only about $450,000 in today's dollars. Then, if you subtract out the cost of a college degree – about $30,000 in tuition and books for students who get no aid and attend public in-state universities, plus room and board at about $50,000 – and the money a student could have earned at a job instead of attending school, the real net value in today's dollars is somewhere in the $300,000 range. This still seems like a substantial amount of money, but let's take a look at the externalities that come from the investment into education.

THE COLLEGE LIFE

        With almost 10 million views on YouTube, a popular music video titled, “I Love College,” by Asher Roth depicts the college lifestyle as being full of partying, drinking, and women. The lyrics state, “I can't tell you what I learned from school \ but
I could tell you a story or two, um \ Yeah, of course I learned some rules \ Like don't pass out with your shoes on (Get the Sharpie!) \ And don't leave the house 'til the booze gone
(No, we're not leaving) \ And don't have sex if she's too gone \ When it comes to condoms put two on
(Trust me).” Although parents and teachers would prefer to think that youth are in college to advance their intellect, their reasoning for being there is closer to that of Roth's. The media has a powerful impact on minds, and for years, the image of college has been carefully sculpted away from valuing academia and toward valuing sex, drugs, and commercialism. This can lead to many dangers, including alcohol abuse, rape, and violence.
        Aside from this is the psychology of learning – how students perceive college education. University is like a one-stop shop for everything you need – math, science, history, etc. Once one attains his degree, he gets a job, and he doesn't need to learn anymore. He thinks this way because he is forced to take general education requirements even if he's not interested in the subjects, leading him to believe that that's all the information that is necessary to form a complete view of the world. His only motivation is a degree. He wants to pass his classes, not to show himself that he's learned something, but so he can obtain the credits needed. This goal-oriented view of education leaves one to memorize and regurgitate information rather than look deeper into his studies in order to understand the importance of the material, or even learn the skill of critical thinking (Goldson). The teacher is viewed as the authority in the classroom who has all the answers, while the student subordinates because he has no answers, or at least not the “right” answers (Freire 72).
        After all is said and done, the money spent on an “education” was really just for certification to work. The degree will show an employer that the applicant can successfully do what he is told. Most often, the employer doesn't care what the student was trained in (i.e. his major) because the important part is that he can be trained. According to CollegeGrad.com, only 3 out of 22 companies described one’s major as being important outside of the case where specific technical skills are needed for the job, and the Education in Economics Review tells us that around 55% of graduates land a job that matches their major (Shenk). That's only a little over half.

THE WORK LIFE

        So, assuming that there isn't a down-turned economy and the student lands a job, the implications of this new lifestyle are important to consider. Oftentimes, the job that one receives with a college degree is an office job that can easily put this person out of touch with reality. For example, since he is receiving a steady paycheck, he does not need to know how his food is produced; he just needs to use his money to buy it at the store. Later down the line, he can then develop cancer from the genetically modified produce. Luckily, he can trust a doctor to give him the right treatment, using radiation to solve the problem. He didn't bother doing any research himself because he believes that he learned all he needed to learn in college, and now money can just solve any problem. Unfortunately, it turns out that this lack of critical thinking can lead to more problems than just his own.
        This worker is now a consumer, and the average consumer doesn't usually think about where his clothes come from, or what the fine print in his credit card statement says. He's just living the American dream. He lives as an individual, not seeking any type of higher level of thought, such as the interconnectedness of all things. He does not worry that his actions affect someone halfway across the world. The sweatshop worker that is exposed to harsh chemicals while making Mardi Gras beads does not even know what they are used for (Redmon), but the average consumer is not concerned. Taking a loan for a mortgage that is inconceivable to pay back and may cause a financial meltdown isn't the average consumer's top priority. His priorities lie within his small circle of friends, family, and co-workers; his satisfaction with material goods perpetuates the exploitation of resources and people, and his taxes continue to fuel the military-industrial complex.

AN ALTERNATIVE

        James Altucher recommends that young people use the money that they would've spent on university to start a business (or five). He says they could also travel the world, work, volunteer, or just read books to receive the benefits of college plus some. Most of the smart, motivated, and ambitious students think that they need college, but this is not necessarily so. They usually see a college degree as security, but they try to attain it too early in life without experience or knowledge about what they really want to do. Getting real-world experience outside of school is invaluable, and can open up one's eyes to how the world really works outside of the structured and safe environment that university provides, which will hopefully motivate them to make a real difference in the world.

CONCLUSION

         Of course, university does have good aspects, but today it is treated in entirely the wrong way. To truly value education means to also value conversation, the Internet, books, and life experiences. College is only a worthwhile investment if it directly contributes to what you know you want to do in life, instead of being a place to go because you are expected to. The risks associated with partying and the impact it has on the rest of the world are detrimental to society and can be classified as externalities of the higher-level education system.

WORKS CITED

Altucher, James. "Seven Reasons Not to Send Your Kids to College." DailyFinance. AOL Money & Finance, 06 Aug. 2010. Web. 26 Nov. 2010. .

Baum, Sandy. Is Skidmore Worth the Cost? Skidmore College. YouTube. 15 Oct 2009. Web. 26 Nov 2010.

Freire, Paulo. Pedagogy of the Oppressed. New York: Herder and Herder, 1972. 72-73. Print.

Goldson, Erica. "Here I Stand." Class of 2010 HS Graduation. Coxsackie-Athens HS, Coxsackie, NY. 25 June 2010. Speech.

I Love College. Dir. Jonathan Lia and Scooter Braun. Perf. Asher Roth. SchoolBoy/SRC/Universal Motown, 2009. YouTube. AsherRothVEVO, 16 June 2009. Web. 26 Nov 2010. .

Mardi Gras: Made in China. Dir. David Redmon. By David Redmon. Carnivalesque Films, 2005. DVD.

Shenk, David. "Does Your College Major Matter?" Study Hacks. 2007. Web. 26 Nov. 2010. .