With the changing economy, rethinking of the value of the higher education becomes necessary. Higher education is practically costly, which affirms the significance of evaluating whether higher education is a worth investment. In the earlier decades, the value of education could hardly be challenged since obtaining a college degree placed one a unique position and respectable social class. Furthermore, higher education offered individuals numerous opportunities in corporate, social and political arenas. However, with the high number of individuals who are pursuing higher education and the changing economy, the value of education in the contemporary world is questionable. Many scholars have explored the subject of the value of education in the modern world identifying conflicting findings. Some group of scholars argue that, education has become less relevant in the modern world while others are convinced that education is still of high value. Investing in education should still be encouraged since education is of high value in the contemporary society as it attracts personal and family gains as well benefiting the country in various ways.
Initially, education is of high personal value because it provides more job opportunities, enables one to get a higher income while expanding his or her knowledge. Reliable studies have identified a straightforward relationship between the candidate’s level of education and his or her chance of securing a job. Mead (2010) conducted a statistical review to establish rationale of this assumption. Her study supported this postulates as she found that individuals with a college degree have an upper hand over others. Her study also identified that the chances of a candidate getting a job varies with the course taken at the college. She noted that graduates with degrees in the fields such as Statistics, Accounting, Business, Engineering and Economics were presented with more opportunities. According to Mead’s evaluation, over 46% graduates of Accounting and 44% of Business majors were able to secure a job (Mead 1). Furthermore, a significant number of graduates with a college degree in Economics and Engineering were able to get a well paying job within their first year of graduation. Another important study that examined the number of individuals employed in the field of manufacturing in the U.S highlighted that, workers without a college degree witnessed a net loss of 9.3 million jobs in the period 1980 to 2013. In contrast, individuals with a college degree recorded an overall increase of 2.5 million jobs in the sector (Mead 2). This is in coherence with the Bureau of Labor Statistics, which highlight that individuals with a college degree have twice chances of being employed, as the ones without (Rothwell 2).
Furthermore, education is of high value because it enables one to get higher earnings as well as advancing his or her knowledge. People with high education earn considerably higher wages than their counterparts who have not pursued higher education. According to Rothwell (1), the average college educated employee earns about 84% more than the average employee who is not a college graduate does. There is a clear difference in the earnings of these two groups that even individuals with a simple college education such as a diploma earns about 16% more than the ones with high school education (Rothwell 2). The rapid economic changes witnessed in the modern world have called for the need of employing highly skilled employees. This has meant offering comparatively high and attractive compensations to employees who have attained high levels of educations or the ones that are highly knowledgeable and skilled to retain them. Moreover, education is valuable because it builds one’s knowledge, thus offering him or her chance of surviving in the modern challenging world. It is indisputable that only knowledgeable individuals can compete successfully in the modern world that is characterized with cutthroat competitions (Bowen 57).
Higher Education is also valuable in the modern world because it enables one to establish and sustain a good family. Individuals who have pursued and reaped the benefits of the higher education acknowledge the significance of investing in education. Consequently, these people work hand in ensuring that their children have successfully pursued education to higher levels. Such families that advocate and emphasize the significance of education raise children who are more prepared for the school. The overall consequence of this practice is the promotion of the culture of learning that result to the creation of an enlightened community. Furthermore, individuals who have attained higher levels of education are comparatively more productive in the family. As identified, education is an important tool for enlightenment. This means that educated people understand the importance of committing themselves to hand work for a better future. In particular, educated people are more productive because they mainly work out of their will instead of being forced since they understand the importance of doing the same. These people are also more productive in the family because they are able to secure well-paying jobs than their counterparts. Lastly, with the high returns got from their well paying jobs, college graduates can comfortably provide their families with better healthcare.
Furthermore, education is of high value because it attracts various benefits to the country especially by fostering innovation and eliminating the need for outsourcing. High technological development in the modern world demands high levels of innovativeness (Bowen 34). It is indisputable that every country requires innovative personnel to compete successfully with others. In this context, investing in education remains a rational undertaking. Education also eliminates the need of outsourcing by creating a pool of individuals with high and dynamic expertise to run and control activities in various sectors. Besides, higher education equips graduates with the problem solving skills enabling to suit or adjust easily in various areas.
Individuals challenging the value of education in the contemporary world argue that education has lost its value because with the high unemployment rates, one may fail to secure a good job besides investing overwhelming in his or her college education. In this view, supporters of this argument are convinced that investing in higher education is not worth, but just a waste of resources and energy. However, the argument articulating that education has lost its value due to stiff competition and high unemployment is misinformed. It is acknowledgeable that education empowers individuals with essential skills and knowledge of navigating along the challenges experienced in the modern world, thus remaining a valuable tool for survival.
In conclusion, there is the need of rethinking about the important role of education in the contemporary society. The society cannot stand to lose the overwhelming benefits attached to education by ignorantly despising it relevant under illogical perspectives. Higher education is essential for establishing a better personal and family life. Furthermore, education attracts numerous benefits to the society and country. Therefore, there is the need of emphasizing the significance of investing in higher education for a better future.
Rothwell, Jonathan. “The Economic Value of Education.” Web. 27 May 2014 http://www.brookings.edu/blogs/the-avenue/posts/2013/11/12-economic-education-rothwell
Mead, Rebecca. “Learning by Degrees” 2010. Web. http://www.newyorker.com/talk/comment/2010/06/07/100607taco_talk_mead
Bowen, Howard R. Investment in Learning: The Individual and Social Value of American Higher Education. Baltimore: Johns Hopkins University Press, 1997. Print.