EDIT 7/11/08
I’ve failed in my post written before finals/college ended to mention that the Penn experience obviously cannot be measured only in post-graduate income or is it as “priceless” as I said. I want to add this because it is precisely how majority of Americans measure “success.” It shouldn’t be this way!
The American Scholar recently published an article on the disadvantages of an elite education. Its main argument is that the American university has become a career pumping machine instead of cultivating the eager young minds of tomorrow. I identify and dis-identify with much of the article. NYTimes picked up on the theme two a day later and published an article on what 08 graduates of Harvard plan to do: i-banking, consulting, hedge fund, entrepreneurship on one side and 1 or 2-year travel experiences and other public policy careers….oh but mainly it focuses on the streaming exodus of American college graduates to the corporate world.
Where do I fit all this? That is a question I’ve asked myself since summer before senior year. With the first three weeks of being a “professional” over, I have no idea. I question my intentions and actions too often, at least according to my parents. “What a tiring life,” they would cry. But I’m not the only one…most of my college friends are questioning themselves (and if they aren’t, oooh they will). THIS is the counterweight against David Brooks’ “organizational kid” and the American Scholar’s “disadvantage of an elite education.” This is why people still think I’m “idealistic” and don’t live in the “real world.”
Oh but I DO live in the real world. I’m so hopeful because I was perpetually humbled by (most of) the people I met at Penn and in Philly. At Commencement, what President Gutmann said about my generation rings true:
“Last year, I spoke to our graduates about sustaining our environment for the sake of humanity’s survival. Today, I want to speak to you about changing the political climate for the sake of democracy’s and humanity’s long-term health. Short-term thinking has sold your futures’ short.
Not only are global temperatures rising, polar ice caps melting, and species vanishing; but energy, food, and health costs are soaring, wars are raging, nuclear arsenals growing, and far too many children are dying from hunger, disease, and hatred.
Yet something unprecedented in recent American history is also happening, on this campus and across this country. Yours is the first generation of young adults in more than 40 years to have turned on to civic action, tuned into public affairs and turned out to mobilize and vote in huge numbers – and all without the direct threat of a military draft, which mobilized many of my generation.”
5/8/08:
In the Quad, looking towards Fisher-Hassenfeld from Ware College House (Ware = my home for four years)
I have two more finals next Tuesday and will then be done with College. I probably won’t remember most of the academic lessons learned. What will I remember ten years from now? The following:
Health & Societies: The history and delivery of health must be viewed in context with society, culture, and poli-economic space. Look at a problem holistically.
Economics: I cannot tell you anything about the stock market and personal finance. But if you give me a utility equation with a constraint, I can maximize it like my life depends on it. Equity and efficiency are almost always at odds with each other. Scarcity and alternatives drive human behavior.
What I learned outside the classroom: A lot more than the above
Cost: Not sure. Ironically for Labor Economics this term, I did have to estimate the present value of my lifetime earnings and how it changes if I were to attend a public university, if I had not attended college at all, and if I had invested the difference in stocks (between cost of attending Penn versus a public school).
Results? In numbers, Penn or any other private, elite university is not worth it. It depends on occupation, but not there is not much variance. Research over the last 3 decades conclude this. Oh and interestingly, investment in stocks makeup the lifetime earning difference between Penn/private school and public school alums.
Do I regret coming here? Not at all. In the form of famed Mastercard commercials: The Penn experience…priceless.
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