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Educational Aspiration Comparing the value of a high school education vs a college education In our current economy the need for a college education becomes increasingly valuable despite the high cost of tuition and loans The demand for skilled college-educated laborers is high A college education can also determine your future income potential and in many cases it is the only way a person can climb up the socioeconomic ladder There are two theories that suggests why the need for a college education has been growing -- increased international competition and skill-biased technology The first theory focuses on the globalization of the US economy The argument is that increased competition from low skilled labor abroad has decreased the wages of low-skilled workers at home At first this theory seems to make sense but the statistics do not make sense The reason is that only a small portion of the US economy is actually subject to competition from abroad Also job competition is growing in both the most and the least trade-affected industries at about the same rate Irons 1998 The second theory for the increase in need for a college education has been called skill-biased technological change The idea is current technology favors the higher skilled higher educated workers over lower skilled workers An example would be the increase use of computer technology has helped in the productivity and wages of the computer users and programmers But this increase does not help increase stagnated wages of the lesser educated worker who does not know this new technology The only problem with this theory is that technological growth is a difficult to measure There are two many hard to define variables to statistically measure this kind of change Irons 1998 Even if these theories were to be debunked the idea that a college education is more valuable that a high school education is correct Statistically a person with a college education generates a great
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