Floyd “Money” Mayweather
Over at Think Christian today, I explore the connection between higher education as a means to greater earning power in “The myth of lucrative college majors.” I argue that “the size of a paycheck is not the only factor worth considering,” and go on to detail what a paycheck does and does not represent.
By looking at the earnings of various majors, it becomes apparent that we have a need for more engineers of various kinds. But apart from specific market signals, I echo, in large part, the conclusion of Paul Heyne, who wrote that the success of the market in increasing affluence and getting us the things we want ought to impel us “to think more carefully about what we want.”
The reality of today is that we have a developed economy to the extent that we have unprecedented levels of specialization. You can make a living, even if it isn’t a particularly lucrative one, doing almost anything imaginable. This is in marked contrast to previous eras, where the realities of class, technological innovation, and knowledge were such that only a few careers options were possible. Consider, for instance, the case of the early modern executioner.
One way of showing the incredible levels of specialization made possible today would be to simply observe the many, many things you can major in at a college these days. My working hypothesis is that if you have to add the word “studies” after something, then it probably isn’t a real major. But more seriously, the level of specialized education available today is simply breathtaking. And that doesn’t even begin to address the question of whether higher education is necessary at all.
In the TC piece I point to the example of undefeated boxer and high school dropout Floyd Mayweather Jr., who enjoyed a record breaking payout this past weekend. Mayweather is exceptional, certainly, as he would be the first to tell you. But there are plenty of more mundane examples of crafts and trades, as well as innovators and entrepreneurs, who found success without going to college.
Like all things, there are better and worse reasons to go to college and to choose a particular major. To simply increase your future earnings isn’t a particularly good motivation. And if all you care about is making money, then college may not be the best choice anyway, although as Michael Lewis puts it, “If you’re a certain kind of kid who doesn’t actually know anything about anything, Wall Street is still a great place to go.”
That said, all this comes from someone who majored in English at Michigan State University and then spent more than a decade pursuing theology at the graduate level. So I may be precisely the wrong sort of person to ask about lucrative career choices. As I often remind my wife, she married the wrong kind of doctor.