tag:blogger.com,1999:blog-6598831864333990375.post6536648377623343771..comments2023-05-08T04:01:34.561-08:00Comments on Students Who Enjoy Economic Thinking: Opportunity CostAdam Levyhttp://www.blogger.com/profile/15257124483756325652noreply@blogger.comBlogger1125tag:blogger.com,1999:blog-6598831864333990375.post-37142886058920334602009-09-22T20:51:24.981-08:002009-09-22T20:51:24.981-08:00Hey Nate,
I liked your point where you said: &qu...Hey Nate,<br /><br />I liked your point where you said: "I think students myself included seldom think about the true opportunity cost of college. The jobs and things we could be doing during this time as well as the sum of money we pay to get educated. There are certainly some days where I wish I could go and work rather then take a test but in the long run it simply isn't worth it."<br /><br />I started college when I was 31, so I kind of lived my "opportunity cost". I ran the numbers and it was a net loss as far as money was concerned. Those 13 years after high school where I wasn't in college I made less money than I would have if I'd gone to college first. I worked at several different jobs, started a business, sold my business, lived in New York, lived in Washington DC, owned a couple of different houses, played in a regionally (un)famous jazz/funk band and toured the country.<br /><br />I'm a different person now than the one I would have been if I'd gone to IU at 18 like I'd planned. I'm going to be a pharmacist when I graduate now, but If I'd gone right to college out of high school, I'd have been a music major. (Probably would have gotten a job teaching orchestra at a high school.)<br /><br />I'm running the numbers again... Assuming I live another 50 or 60 years I'm coming out monetarily ahead this way.<br /><br />However, one of the first things I learned in econ was the definition of wealth. Wealth is whatever one values.<br /><br />I'm not sure what my original point was, other than the fact that calculating the true opportunity cost is nearly impossible, even with the benefit of 20/20 hindsight.<br /><br />In any case I wish us all the best. May our opportunity costs be low and our wealth be high!UDOhttps://www.blogger.com/profile/16797455822014965844noreply@blogger.com