Now of course there are lots of reasons why the pay shakes out this way. But by pretty much any standard the work that an excellent teacher does is positive-sum for society — the more great teachers there are the more well-educated kids we’ll have and the better off we’ll all become. By contrast the work that excellent lawyers do mostly consists of zero-sum battles to outwit other excellent lawyers. And yet the work of teachers is much less rewarded financially then the work of people in legal and financial occupations that have lower social returns.
Showing 182 posts tagged economics
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The Indianapolis-based foundation’s annual report finds some encouraging data to counter the familiar story of a nation that is famed for its colleges and universities but trails many other countries when it comes to the percentage of people with a degree beyond high school.
Parents’ experiences and expectations around higher ed strongly influence what their children do after high school.
Check out the federal budget from 2013. The gap between federal and local funds may surprise you; $60 in federal funding versus $464B locally.
College costs the same for both genders, but women spend a higher portion of their salaries on paying off debt than men because they make less. It starts as soon as they enter the workforce.
A March 26, 2014 report by the New America Foundation points out that as much as 40 percent of the $1 trillion in student debt outstanding was borrowed not for college, but to pay for grad school. And some 80% of of the debt incurred by students who finished their grad school programs in 2012 wasn’t for people going into medicine, law or business, but for less profitable professions, such as teaching.
Should future teachers be taking out massive loans to get their master’s of education degrees?
It gets worse. The self-reported earnings of art majors from Murray State are so low that after two decades, a typical high school grad will have out-earned them by nearly $200,000. Here are the degrees (i.e.: specific majors at specific schools) with the lowest 20-year net return, according to PayScale. They are all public schools: Bold names are for in-state students.
If I had to pick one study that I think all would-be education reformers should read, it would be a paper that I once found via Bryan Caplan. It’s an old paper – from 1988 – and it’s not even about education. Rather, it’s an examination of why most companies don’t use the sorts of compensation and incentive schemes that a simplistic understanding of economics might imply they do or should. Here’s the abstract…
U.S. public school teachers are the sixth highest paid teachers in the world, according this January 29, 2014 UNESCO analysis (p. 254) that adjusts wages by domestic purchasing power so you can compare different currencies and countries more fairly.
If you’re new to the workforce or graduating college this spring, attend a free webinar sponsored by the Department of Labor where you’ll learn to plan for your financial future.
You’ll learn about tools for budgeting, student loan repayment options and how to make the most of employer-provided retirement and health benefits.
Sign up now and join the event Friday at 1 p.m. ET.
The ways in which we think and talk about education are changing — and not for the better.