From the Editor's Desk

Why PhDs Don't Become Billionaires

We're all fans of education. I can admit that I'm a kind of an educational snob based on my own experience in pursuing advanced degrees. As a result, it's always been a foregone conclusion that my kids would also be heading to college to pursue similar academic pursuits, possibly including advanced degrees.

A big reason why so many parents think and act this way is that we want to do our best to ensure that our kids have the best shot possible at a satisfying and independent life. Everyone knows that the more education someone attains, the higher the chances are that they will earn a healthy standard of living. We know, for example, that someone who earns a PhD will earn substantially more on average than someone who stops after graduating high school. The floor for what someone can earn becomes much higher for someone the more education they get. We also know that higher levels of education correlate to lower unemployment, better health, and longer lives. All of those sound like great things for our children.

But there's a wrinkle here that we're not talking about, and that's the decrease in variability or the standard deviation that exists when you get more education.

Continued here

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