Higher Learning, Greater Good is the first book to systematically identify and develop the evidence necessary to measure comprehensively the benefits of higher education and to estimate their economic value.
Higher Learning, Greater Good: The Private and Social Benefits of Higher Education Walter W. McMahon
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The benefits of higher learning include not only increased earnings, access to jobs, and economic growth effects, but also non-market private benefits beyond earnings to individuals and their families and external benefits to the society.
The non-market social benefits are different. They are benefits to others in the society and to future generations. They include the contribution of higher education graduates to the improved operation of democratic, civic, and charitable institutions, to human rights, to political stability, to lower crime rates, to social capital and social cohesion, to the generation and adaptation of new ideas, and so forth. They also are substantial; estimated to be another 40% beyond the private earnings benefits.
The total measured market plus non-market benefits of higher learning can then be evaluated in relation to institutional costs, which have been rising, but also in relation to the total costs that include the forgone earnings costs which have been flat. The analysis leads to more meaningful criteria as to whether there is underinvestment, overinvestment, or about the right level of investment in higher education by individuals, families, and government.
In terms of policy, the book addresses the main source of the worsening economic and social plight of the American middle class. Higher Learning, Greater Good develops the only key major policy that can eventually correct the problem of a whole class of people currently excluded from the benefits of growth and the related problem of rising inequality: increased investment in improved education and skill levels. Simultaneously, this policy will foster higher economic growth and development.
A college education has long been acknowledged as essential for both personal success and economic growth. But the measurable value of its nonmonetary benefits has until now been poorly understood. In Higher Learning, Greater Good, leading education economist Walter W. McMahon carefully describes these benefits and suggests that higher education accrues significant social and private benefits.
McMahon's research uncovers a major skill deficit and college premium in the United States and other OECD countries due to technical change and globalization, which, according to a new preface to the 2017 edition, continues unabated. A college degree brings better job opportunities, higher earnings, and even improved health and longevity. Higher education also promotes democracy and sustainable growth and contributes to reduced crime and lower state welfare and prison costs. These social benefits are substantial in relation to the costs of a college education.
Offering a human capital perspective on these and other higher education policy issues, McMahon suggests that poor understanding of the value of nonmarket benefits leads to private underinvestment. He offers policy options that can enable state and federal governments to increase investment in higher education.
Walt McMahon's Higher Learning, Greater Good is an important book made even more so by the current economic crisis. This insightful volume derives from a lifetime of scholarly exploration and arrives at a time when a clear understanding of the economic benefits of higher education has never been more crucial. Through his analysis of the market and non-market returns on higher education, McMahon makes clear the chronic underinvestment in higher education and the serious ramifications for both individuals and society. Higher Learning, Greater Good is a detailed and thoughtful contribution to education and policy debates that deserves a careful reading by all who care about the future.
A research and writing project that McMahon is currently working on is a special issue of the Journal of Education Finance that he is editing with Jennifer Delaney, associate professor in the EPOL department. The issue focuses on the external social benefits of higher education and will be available in late fall 2020.
Each public research university has a responsibility, implicit in its relationship with the state, to serve a student population that is as broad and diverse as possible. Over a lifetime, a college graduate (from either a public or a private institution) can earn as much as $1 million more than a person with a high school diploma.10 Public research universities have been particularly effective in spreading this opportunity to students from underprivileged backgrounds, immigrant families, and families for whom higher education (and its benefits) would otherwise be unattainable.11
Higher education,1 such as obtained at a college or university, provides benefits at both a private and social level, hence religious groups that attempt to take this choice from their followers deserve public scrutiny.
How Do Jehovah's Witnesses View Education? (as of 1st May 2021) states that "Spiritual education has greater value than secular education." Whilst Jehovah's Witnesses are encouraged to value education and attend "primary and secondary schooling", higher education is recommended against because, "Higher education can lead to moral and spiritual dangers by way of the following concepts."Misconception: Money brings happiness and security ... Misconception: A person should seek the prestige or status that can result from higher education ... Misconception: Each person should set his own standards of right and wrong... Misconception: Higher education is the best way to improve the world"Watchtower View of UniversityHigher education is liked to a temptation akin to smoking, using drugs, and watching violent and immoral movies.
An educated population also provides a range of social benefits. Higher levels of education lead to a more productive and progressive workforce. People that obtain a higher education are also more conscious of looking after their health, other people and the environment, as quantified in the following table by McMahon. 2ff7e9595c
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