Is Education a Good Thing?

My new course, OMDE 606, started off with a very interesting question; is education a good thing? Without giving the question much thought, many would answer yes, education is a good thing. After reading the article, Education: Elixir or Snake Oil (Wolf, 2002) it left me feeling somewhat confused about the question. Before responding students were assigned the role of either proponents of the argument or opponents. I was assigned the task of opposing the argument.

As mentioned in the class discussion, many people tend to list higher incomes as the reason why they're pursuing higher education degrees. Research shows that the "happier" and employee is, the more productive they are, the more the economy benefits from the increased productivity. So it would seem that it is a good thing to invest more money into the education system. I argued that just because some individuals appear to prosper financially after receiving a higher education degree does not mean that all will follow in the same path if given the same opportunity. And because of that fact, it does not seem feasible to pump loads of money into education.

However, if we are to look at education as not just a means of achieving a higher income but instead as a way to improve the quality of life (because quality of life does not always tie in with money) then the purpose of higher education becomes clear. Yes, we all want to make more money (who wouldn't) but that shouldn't be the driving force behind creating a financial deficit in the name of higher education.

Economic growth should not be measured by the amount of individuals holding degrees. If we educate ourselves on topics such as consumer spending and increased savings opportunities, maybe we would have a better shot at a positive and long term economic future.

So in your opinion, is education a good thing???