The Economics of Learning: Insights on Higher Education

In this episode, I speak with Ben Wildavsky, a seasoned expert in education policy and a visiting scholar at the University of Virginia School of Education and Human Development. Ben shares insights from his new book, “The Career Arts: Making the Most of College, Credentials, and Connections,” new from Princeton University Press in November 2023 which delves into making the most of college through career credentials and connections.

We explore the value of college education in today’s economic landscape, discussing the balance between acquiring broad skills and targeted skills that the job market demands. Ben’s perspective is rooted in extensive research and personal experiences, making our conversation not only informative but also deeply relatable for anyone thinking about the true value of higher education.

Ben also opens up about the concept of social capital and its critical role in career advancement, especially for first-generation college students. He provides practical advice on how students can build their networks and leverage these connections to enhance their career prospects.

This discussion is particularly close to my heart as we navigate the complexities of preparing students for a world that values both academic and practical skills. Ben’s thoughtful approach to these topics, combined with his genuine passion for education, makes this episode a must-listen for parents, students, and educators alike.

Join us as we unpack the tools necessary for turning educational investments into successful careers.

📺 Watch on YouTube

https://youtu.be/oKtYnD6RPc4

Key Takeaways

00:02:21 – Early years and lessons on success

00:07:12 – Discussion on high school to college transition statistics

00:19:11 – Three important skills students should acquire in college

00:34:04 – Advice to parents about college preparation for their children

Tweetable Quotes

“I still believe there is a strong case for taking on a moderate amount of debt for college. You’re young, acquiring skills that the marketplace rewards. Borrow money, earn your degree, then get a job and start paying it back. You’ve invested in what economists call human capital.”

“Growing up, the notion of upward mobility and the American dream was apparent to me. My father, a child of immigrants, managed to go from modest beginnings to becoming a professor and owning a house in Oakland Hills. It taught me that with fortune and hard work, higher education can propel you forward.”

“It’s not just about having a degree or specific skills. If you don’t know anyone or can’t communicate your abilities, it’s hard to advance. Building networks, especially for those without inherited privileges, is crucial. It’s about who you know, who can vouch for you, and who can open doors to opportunities.”