Nonpecuniary

Economists and lawyers like using words like “nonpecuniary.” Perhaps to keep from falling into cliche; however, if the cliche fits…and when it comes to education, it certainly does–Education should not be all about money. Amazing thing is, even economists (those trusted above all others in our society these days) frequently do studies on the benefits of various aspects of our lives that do not involve money but make our lives better.

One such study, “Priceless: The Nonpecuniary Benefits of Schooling” appears in the Winter 2011 edition of the Journal of Economic Perspectives. Philip Oreopoulos and Kjell G. Salvanes, economists at Toronto University and Norwegian School of Economics respectively, explore the nonpecuniary benefits of schooling in a well-researched article (32 pages with 142 citations) that offers compelling empirically-based evidence that the more schooling  individuals receive not only benefits them economically (p. 159), but also in a myriad of other ways, including

  • higher employment prestige ratings (p. 163)
  • higher job satisfaction (p. 163)
  • higher O*Net (Occupational Information Network) achievement scores (p. 163)
  • lower unemployment (p. 163)
  • better physical and mental health (p. 167)
  • lower divorce rates (p. 167)
  • lower smoking rates (p. 170)
  • very low arrest rates (16+ years of schooling) (p. 170)

All of the tables including relevant data show statistics before and after conditioning for income with the same result of increased rates in these various areas as education increases.

Oreopoulos and Salvanes do report some predictable negative effects of higher levels of education, including time constraints and increased stress (p. 171). However, these aspects of higher education are greatly mitigated by the numerous positive effects, including those mentioned above, as well as less tangible benefits, including improved parenting (p. 167), higher levels of trust (p. 167), increased patience (p. 170), and even higher levels of happiness (161).

The authors conclude that more qualitative research needs to be done concerning pecuniary and nonpecuniary benefits to higher education, but their research indicates, as these two lauded economists say far better than I could, that the non-tangible benefits of a higher education beyond a two-year degree exceed even the economic benefit:

In our opinion, the estimated returns are too large to support
the theory that most students are optimally trading off costs and benefits when deciding how much education to acquire.  Some people are missing out on significant welfare-increasing opportunities (p. 181).

Many students may be myopic. Parents with teenagers can attest that
youth are particularly predisposed to downplaying or ignoring future consequences…. When teenagers and young adults make their choices about school attainment, it may be especially easy to see the immediate costs and harder to grasp fully the long-term benefits. Exploring these issues more thoroughly would shed further light on the overall education attainment decision-making process and help identify ways to make individuals recognize the large returns from schooling. Large amounts of money appear to be lying on the sidewalk. Of course, money isn’t everything. In the case of returns from schooling, it seems to be just the beginning (p. 181).

unbrokencircle

On a more celebratory note, I have mentioned in my blog before that I had a piece published in the anthology Unbroken Circle: Stories of Cultural Diversity in the South. Since publication last May, several colleges have begun to use the anthology as a text in courses on Southern literature and culture.

Several months ago, writers included in the anthology were asked if they would like to participate in a panel discussion at the 40th Annual Appalachian Studies Association Convention. I am happy to report that the proposed panel session was accepted by the association, so four of the 26 writers, including yours truly, as well as editors of Bottom Dog Press in Huron, OH will travel to Cincinnati to attend the conference. I will be reading from my story,  as well as discussing the meaning and inspiration for it. Of course, I will be part of the Q&A after all writers have completed their readings.

The conference is during our spring break in April, so my intention is to take along some copies the new edition of Teach. Write. to share with editors and publishers, so there isn’t a better time to submit to the spring edition. Submissions are open until March 1.

cover

 

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