As a freshman in college, I pretty much meet a new person every day. Among the usual introductory conversation topics is an inquiry about what the other person's intended major is. Among the more "practical" answers like Business or Economics are majors such as Art History or Gender Studies. The salaries related to the latter degrees aren't likely to even repay the total cost of college. What would possess people to decide so early on in their lives that a large salary wasn't in the cards? Doesn't everyone crave a luxurious lifestyle?
The answers to the questions posed above lie in the idea that values are subjective. Clearly the people who choose a Humanities degree value the subjects that they're studying. Perhaps the opportunity cost of not making a high salary is worth pursuing careers in those fields. Money doesn't incentivize the person who settles on a Gender Studies degree, but rather the joy that the subject matter provides for them. We haven't been introduced to the concept of utils yet, but they definitely apply to this scenario. The relative satisfaction of the subject content this person would receive from majoring in Art History is higher than that of someone who would prefer to major in Economics.
It's also a tad ridiculous to focus on the monetary cost of college versus how much a Humanities major will make in their lifetime because college tuition is a sunk cost. A refund is impossible, so they continue to study what they love because that has infinite utils of utility for them. Therefore, these people are "getting their money's worth" from college, and subsequently, their career.
What else might be interesting about art history and gender studies majors? Think about why college costs $56,000 a year here. ECO 108 is 300 students. Art history courses are 5-10 students. College would be much cheaper if all classes looked like ECO 108 and if we did not pay the high cost of sustaining majors like art history and gender studies. There is nothing wrong with these majors, but their cost is much higher than economics majors.
ReplyDeleteWealth is subjective. Great job understanding and applying this! This is exactly why someone might major in these subjects and disciplines.