> A person in a given place on the spectrum seems to earn the same regardless of whether or not they have a degree.
Real income to GDP ratio has been stagnant by some degrees but in this case, we're only looking at average IQ on a normal distribution, average as in 85-115 (or whatever the official range is), assuming that's what you mean by 'spectrum'.
e.g. for the average {IQ} or whatever metric you meant in a person, he/she will earn more compared to the same person ceteris paribus, but without a university education.
Also, the college prep and tutoring industry has been ballooning in the US. Historically, Chinese companies dominated this market in terms of consumer base, but we'll probably see a continuation of this trend in the US too as universities become more selective and it's a self-fulfilling prophecy where the more selective you become more students/parents will consider you as more "elite".
The increase in price probably comes from a combination of demand for college education and some monopolistic competition in the accredited university market, where government regulation suppresses the supply of accredited universities. I think we're seeing some change with the latter supply (e.g. community college, online degrees, etc) but demand for a U.S. college degree still stands strong on the global market from international students.
It would be nice to get data on yearly university applications and do an empirical analysis on supply and demand.
The author should also mention the increase in competition in the labor market and the lack of labor protection laws to prevent outsourcing. Statistically speaking, a 4-year degree still yields a higher ROI than just a high school diploma in lifetime earnings. A lot of the negative sentiments I conjecture come from the higher standards across the board and the ubiquity of a bachelor's degree in the labor market.
A job is a job, construction jobs are physically demanding although pay can be competitive for the bar of entry, pilots can be a fun and prestigious career but your trade-off is your sleep schedule and days away from home every week.
I vaguely remember Richard Thaler published this research on risk as the determinant for career earning.
Exactly what you said, R is easy to get started for individuals in social science fields. Most people I know who want to dive deeper end up learning Python anyway.
Real income to GDP ratio has been stagnant by some degrees but in this case, we're only looking at average IQ on a normal distribution, average as in 85-115 (or whatever the official range is), assuming that's what you mean by 'spectrum'. e.g. for the average {IQ} or whatever metric you meant in a person, he/she will earn more compared to the same person ceteris paribus, but without a university education.