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Mary Anne Martillano

Schumpeter: Angst for the educated | The Economist - 0 views

  • Educational qualifications are tightly correlated with earnings: an American with a professional degree can expect to pocket $3.6m over a lifetime; one with merely a high-school diploma can expect only $1.3m.
  • But is the past a reliable guide to the future? Or are we at the beginning of a new phase in the relationship between jobs and education? There are good reasons for thinking that old patterns are about to change—and that the current recession-driven downturn in the demand for Western graduates will morph into something structural.
  • the demand for educated labour is being reconfigured by technology
  • ...1 more annotation...
  • Several economists, including Paul Krugman, have begun to argue that post-industrial societies will be characterised not by a relentless rise in demand for the educated but by a great “hollowing out”, as mid-level jobs are destroyed by smart machines and high-level job growth slows.
    Most people think that by attending high school and then going on to university to get a professional degree will ensure himself/herself a job. That is what we are made to believe, and in my point of view, the main reason why we go to university. Research has been done in the past that shows that there is a big difference in the amount of money a person with a professional degree can expect to make, compared to the amount of money a person with just a high-school diploma can make (I highlighted this text).
    However (looking into the future), new technology might possibly make it harder to get jobs even if we do get a university education. It seems that there is not a rise in demand for those who are educated, but in a sense, a decrease in demand. There is no need for people to perform certain jobs and tasks because new technology replaces them - and at a lower cost. Companies and businesses won't have to pay people salaries, but just pay for electric bills perhaps, just to keep the computer performing the jobs going.
    I wasn't quite sure what the end meant, "Dreaming spires, meet pin factory." I didn't quite understand the "brain-work" part, but from what I understand, there might be more jobs for freelancers but the jobs will be smaller? So salaries might be not be as high?

    Nonetheless, I think the idea of technology possibly replacing people at jobs is slightly worrying. Perhaps the high school juniors and seniors of today and of the future, need to choose courses/majors that will ensure themselves jobs that CANNOT be replaced by technology.
Seth Roberts

University places: The tightest squeeze | The Economist - 0 views

  • According to the Joint Council for Qualifications, which  published the results on August 18th, some 27% of entries were given an A* or an A grade—the same as last year. This represents a welcome respite after decades of year-on-year improvement, during which time a sterile debate has raged over whether pupils were doing better at school, or whether the exams were getting easier
  • Now some 76% of pupils stay in education beyond the age of 16, and almost half of young people go to university.
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