Should You Invest in Education?
A recent column by James Altucher that ran in The Financial Times touched off a debate between two of America’s most prominent intellectuals. Their argument on the benefits of a college education is worth investigating.
First, the column. Entitled “Why investing in education should pay off,” Altucher’s piece would seem to suggest that going to college is a smart move for young people. But that conclusion would show the folly of judging a column by its title, since the author begins by writing, “As far as I am concerned, college is a waste of time. Instead of going to college, I wish I had worked.” Years of taking classes don’t actually teach you much about life, Altucher suggests. Furthermore, he contends, “it is unclear whether costs of $200,000 – plus opportunity costs by the time all is said and done – are ever made back from your future cash flows.”