Through the age earnings profile graph (Douglas Curtis and Ian Irvine, 2023), we can see that individuals with higher education earn more from the beginning of their work age and their earnings increase significantly over time, leading to a widening gap compared to those with lower education levels. While less educated individuals can earn a decent wage initially, their wage growth tends to be limited over the years. This trend directly contributes to the high demand for university education and influences the inflated cost of higher education.
The Most Powerful Weapon
Reflecting on the title of this article, "Have Universities Failed?" prompts us to reconsider the true purpose of a university. Is it primarily to stimulate the economy? If so, then perhaps we have indeed fallen short. However, aren't universities meant to cultivate ideas, foster critical thinking, and nurture brilliant minds across generations within a country? Sadly, universities seem to have failed in this regard as well, big time! Yet, we cannot deny the impact of how industry and society shape what universities are today. Education is indeed the most powerful weapon; it can be used to change the world, for better or for worse.
Jocelyn Emmanuella Mok | Ilmu Ekonomi 2023 | Staff Divisi Kajian Kanopi FEB UI 2024
References
Arora, A., Belenzon, S., Cioaca, L., Sheer, L., & Zhang, H. (2023, November 1). The Effect of Public Science on Corporate R&D. https://doi.org/10.3386/w31899
Does Higher Education Have a Productivity Problem? (n.d.). https://www.higheredjobs.com/articles/articleDisplay.cfm?ID=2170
Hare, J. (2024, February 27). Productivity Commissioner Catherine de Fontenay says poor university teaching a drag on productivity. Australian Financial Review. https://www.afr.com/policy/health-and-education/poor-university-teaching-a-drag-on-productivity-20240227-p5f86z
Ng, H., bin Mohd Azha, A. A., Yap, T. T. V., & Goh, V. T. (2022, May 23). A Machine Learning Approach to Predictive Modelling of Student Performance. F1000Research, 10, 1144. https://doi.org/10.12688/f1000research.73180.2
Sinha. (2012). Improving Measurement of Productivity in Higher Education (Sullivan, Mackie, & Massy, Eds.). National Academies Press. https://doi.org/10.17226/13417
Stop Paying More for Less: Ways to Boost Productivity in Higher Education. (2006, January 1). Federal Reserve Bank of St. Louis. Retrieved May 29, 2024, from https://www.stlouisfed.org/publications/regional-economist/january-2006/stop-paying-more-for-less-ways-to-boost-productivity-in-higher-education
