The Value of a Higher Education?
Quick! Which will earn you more: a doctorate in physics and a professorship at a university, or a high school diploma and a job with Chrysler? It doesn’t take a PhD in economics to guess the right answer to that one. Dr. Mark Perry from the University of Michigan looked at the average total compensation for auto workers (Big 2.8 and transplants) and college professors. He found the average autoworker with a high school diploma and maybe a year or two of technical school earned about $134K per year, while the average college professor makes about $93K in exchange for eight years of college and post-grad work. We won’t even look at what the typical high school or elementary school teacher makes in comparison to the janitorial staff in the auto plants.
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