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What is the ROI of a College Degree?
During the past weeks I saw more and more interviews, blog posts and discussions on what the return of investment (ROI) of a college degree is these days. It is no secret that the fees are increasing every year and many students have to take huge loans which they then need to pay back over an also increasing period of time as salaries are of course not sky rocketing at the same speed, if at all.
In August last year Darien Brown, Founder and CEO of YongoPal wrote an interesting guest post on my blog titled “The Educator’s Responsibility to Deliver Economic Value” from which I would like to quote two paragraphs on this subject:
As service providers, it should be our responsibility to consider the larger picture. We should be able to step back from our niches and think critically about how what we are providing contributes to our students’ professional development. We should be responsible for making sure that what we sell generates economic rewards in excess of what our customers pay.
Selling formal education on the myth that it should be about personal enrichment, in my mind, borders on the unethical. That we are personally and intangibly enriched is merely one of education’s convenient byproducts.
Hence, according to Brown the ROI of a college degree, or basically any kind of certification, needed to be an economic reward, e.g. chances to get a well paid job, a promotion etc.
In an Triangulation interview hosted by Leo Laporte which I saw yesterday I learned that Michael Robertson, the founder of mp3.com has a foundation that calculated the ROI of a college degree. The average number is 4% which means that if you took the $250k for a master degree and put it on the bank you might end up with a far better ROI over the years.
So, what are the alternatives? Today there are only a handful of companies that hire people based on their skills and those companies are normally based in Silicon Valley and the Bay Area. And there is still the problem of how to actually proof what one knows when it is not printed on a sheet of paper with the logo of a college or university.
Jon Bischke, Founder of eduFire and now entrepreneur in resident at Battery Ventures sees one answer in his theory about the Reputation Graph. He points out that every day important decisions are actually taken on the basis of what we know about the other person involved. College applications are based on test scores, job positions are given based on degrees etc whereas none of these decisions takes into consideration what others might know about the person.
What if the knowledge that others have about the person who applies for a place in college or a job would be available on the Internet? Quoting Jon Bischke on one of his posts about the Reputation Graph:
So here’s why I think this is important. Just as Google and others were able to make our ability to access information dramatically easier and open all sorts of opportunities for people, I feel like the companies that build the reputation graph will have an amazing opportunity to make the process of making decisions about people (again, something each of us do every single day) incredibly more efficient. Better fits for jobs, schools…heck, even who you date or pal around with on the weekends could make peoples’ lives dramatically better.
As you know, I strongly believe in the concept of a Knowledge Graph that tracks all the information about what we learn every day from formal or informal sources.
The combination of Knowledge and Reputation Graph has the potential to then massively disrupt the inflation of college tuition costs. If more and more companies took decisions based on tracked knowledge and reputation, colleges and universities needed to come up with new, innovative ways to make the investment worth the money or simply go back to old pricing models.
Join multiple Tony and Emmy Award-winning actress Judith Light live on Big Think at 2 pm ET on Monday.
From "if-by-whiskey" to the McNamara fallacy, being able to spot logical missteps is an invaluable skill.
- A fallacy is the use of invalid or faulty reasoning in an argument.
- There are two broad types of logical fallacies: formal and informal.
- A formal fallacy describes a flaw in the construction of a deductive argument, while an informal fallacy describes an error in reasoning.
Appeal to privacy<p>When someone behaves in a way that negatively affects (or could affect) others, but then gets upset when others criticize their behavior, they're likely engaging in the appeal to privacy — or "mind your own business" — fallacy. Examples:<br></p><ul><li>Someone who speeds excessively on the highway, considering his driving to be his own business.</li><li>Someone who doesn't see a reason to bathe or wear deodorant, but then boards a packed 10-hour flight.</li></ul><p>Language to watch out for: "You're not the boss of me." "Worry about yourself."</p>
Sunk cost fallacy<p>When someone argues for continuing a course of action despite evidence showing it's a mistake, it's often a sunk cost fallacy. The flawed logic here is something like: "We've already invested so much in this plan, we can't give up now." Examples:<br></p><ul><li>Someone who intentionally overeats at an all-you-can-eat buffet just to get their "money's worth"</li><li>A scientist who won't admit his theory is incorrect because it would be too painful or costly</li></ul><p>Language to watch out for: "We must stay the course." "I've already invested so much...." "We've always done it this way, so we'll keep doing it this way."</p>
If-by-whiskey<p>This fallacy is named after a speech given in 1952 by <a href="https://en.wikipedia.org/wiki/Noah_S._Sweat" target="_blank">Noah S. "Soggy" Sweat, Jr.</a>, a state representative for <a href="https://en.wikipedia.org/wiki/Mississippi" target="_blank">Mississippi</a>, on the subject of whether the state should legalize alcohol. Sweat's argument on prohibition was (to paraphrase):<br></p><p><em>If, by whiskey, you mean the devil's brew that causes so many problems in society, then I'm against it. But if whiskey means the oil of conversation, the philosopher's wine, "</em><em>the stimulating drink that puts the spring in the old gentleman's step on a frosty, crispy morning;" then I am certainly for it.</em></p>
Slippery slope<p>This fallacy involves arguing against a position because you think choosing it would start a chain reaction of bad things, even though there's little evidence to support your claim. Example:<br></p><ul><li>"We can't allow abortion because then society will lose its general respect for life, and it'll become harder to punish people for committing violent acts like murder."</li><li>"We can't legalize gay marriage. If we do, what's next? Allowing people to marry cats and dogs?" (Some people actually made this <a href="https://www.daytondailynews.com/news/national/cats-marrying-dogs-and-five-other-things-same-sex-marriage-won-mean/dLV9jKqkJOWUFZrSBETWkK/" target="_blank">argument</a> before same-sex marriage was legalized in the U.S.)</li></ul><p>Of course, sometimes decisions <em>do </em>start a chain reaction, which could be bad. The slippery slope device only becomes a fallacy when there's no evidence to suggest that chain reaction would actually occur.</p><p>Language to watch out for: "If we do that, then what's next?"</p>
"There is no alternative"<p><span style="background-color: initial;">A modification of the </span><a href="https://en.wikipedia.org/wiki/False_dilemma" target="_blank" style="background-color: initial;">false dilemma</a><span style="background-color: initial;">, this fallacy (often abbreviated to TINA) argues for a specific position because there are no realistic alternatives. Former British Prime Minister Margaret Thatcher used this exact line as a slogan to defend capitalism, and it's still used today to that same end: Sure, capitalism has its problems, but we've seen the horrors that occur when we try anything else, so there is no alternative.</span><br></p><p>Language to watch out for: "If I had a magic wand…" "What <em>else</em> are we going to do?!"</p>
Ad hoc arguments<p>An ad hoc argument isn't really a logical fallacy, but it is a fallacious rhetorical strategy that's common and often hard to spot. It occurs when someone's claim is threatened with counterevidence, so they come up with a rationale to dismiss the counterevidence, hoping to protect their original claim. Ad hoc claims aren't designed to be generalizable. Instead, they're typically invented in the moment. <a href="https://rationalwiki.org/wiki/Ad_hoc" target="_blank">RationalWiki</a> provides an example:<br></p><p style="margin-left: 20px;">Alice: "It is clearly said in the Bible that the Ark was 450 feet long, 75 feet wide and 45 feet high."</p><p style="margin-left: 20px;">Bob: "A purely wooden vessel of that size could not be constructed; the largest real wooden vessels were Chinese treasure ships which required iron hoops to build their keels. Even the <em>Wyoming</em> which was built in 1909 and had iron braces had problems with her hull flexing and opening up and needed constant mechanical pumping to stop her hold flooding."</p><p style="margin-left: 20px;">Alice: "It's possible that God intervened and allowed the Ark to float, and since we don't know what gopher wood is, it is possible that it is a much stronger form of wood than any that comes from a modern tree."</p>
Snow job<p><span style="background-color: initial;">This fallacy occurs when someone doesn't really have a strong argument, so they just throw a bunch of irrelevant facts, numbers, anecdotes and other information at the audience to confuse the issue, making it harder to refute the original claim. Example:</span><br></p><ul><li>A tobacco company spokesperson who is confronted about the health risks of smoking, but then proceeds to show graph after graph depicting many of the other ways people develop cancer, and how cancer metastasizes in the body, etc.</li></ul><p>Watch out for long-winded, data-heavy arguments that seem confusing by design.</p>
McNamara fallacy<p>Named after <a href="https://en.wikipedia.org/wiki/Robert_McNamara" target="_blank">Robert McNamara</a>, the <a href="https://en.wikipedia.org/wiki/United_States_Secretary_of_Defense" target="_blank">U.S. secretary of defense</a> from 1961 to 1968, this fallacy occurs when decisions are made based solely on <em>quantitative metrics or observations,</em> ignoring other factors. It stems from the Vietnam War, in which McNamara sought to develop a formula to measure progress in the war. He decided on bodycount. But this "objective" formula didn't account for other important factors, such as the possibility that the Vietnamese people would never surrender.<br></p><p>You could also imagine this fallacy playing out in a medical situation. Imagine a terminal cancer patient has a tumor, and a certain procedure helps to reduce the size of the tumor, but also causes a lot of pain. Ignoring quality of life would be an example of the McNamara fallacy.</p><p>Language to watch out for: "You can't measure that, so it's not important."</p>
A new study looks at what would happen to human language on a long journey to other star systems.
- A new study proposes that language could change dramatically on long space voyages.
- Spacefaring people might lose the ability to understand the people of Earth.
- This scenario is of particular concern for potential "generation ships".
Generation Ships<span style="display:block;position:relative;padding-top:56.25%;" class="rm-shortcode" data-rm-shortcode-id="a1e6445c7168d293a6da3f9600f534a2"><iframe type="lazy-iframe" data-runner-src="https://www.youtube.com/embed/H2f0Wd3zNj0?rel=0" width="100%" height="auto" frameborder="0" scrolling="no" style="position:absolute;top:0;left:0;width:100%;height:100%;"></iframe></span>
Many of the most popular apps are about self-improvement.
Emotions are the newest hot commodity, and we can't get enough.