We think of them as intellectual enclaves and the surest route to a better life. But U.S. colleges also operate like firms, trying to differentiate their products to win market share and prestige points. In the first episode of a special series, we ask what our chaotic system gets right — and wrong. (Part 1 of “Freakonomics Radio Goes Back to School.”)
What if I told you there was one economic activity that is a silver bullet for income inequality?
It is an equalizer.
That's really important.
And it's not just income.
The monetary returns are really important.
But that's just the tip of the iceberg.
Just about any economist you talk to, they all come around to that same word, incredibly important.
Very important.
Immensely important.
Can you guess the economic activity I'm talking about?
Here's a hint.
You learn more in those four years than you do at any other point in your life.
Yes, the activity we're talking about is college.
You probably don't need to be told that going to college is important.
Given the demographics of the free comics radio audience, it is likely that you have a college degree, at least one, or you're working on one.
Despite the cost in time and dollars, our economist friends see college as one of the best investments possible, an investment for yourself.
If you can get yourself a college degree, your lifetime earnings are going to be significantly higher, you're going to have better health insurance, you're going to be more satisfied with your job and a.
Good investment for society.
People who have higher education, they're much more likely to vote.
They're much more likely to volunteer.