ECN423: Economics of Education
EducationVs. Economic Inequality
Thestudy provides a closer analysis of whether college degree can orcannot be used as a way of chipping away the income disparities. TheAtlantic (2015) reviews this argument in two angles with the majorstand being that education cannot by giving a close reference to theBrookings Institution study. However, it is evident that bettereducation promotes a better overall economic picture but not forindividuals as the author argues.
Thenews article relates the education with economic situations byarguing that increase in education levels does not help in bringingdown the real top wage and demonstrates two economic problemsassociated with an increase in education which are raised by thearticle. First, education improvement does not improve incomeneither does it reduce the widening gap of income.
However,this can also be viewed as an opinion given that, when one promoteseducation, there is an improved likelihood that the individual willbe employed and will also earn a higher income. The Atlantic (2015)supported this argument by stating that education increase has asignificant change in earnings for those in the spectrum of thebottom half, but has an insignificant change in inequalities in theoverall earning.
Arguably,the article presents the positive and negative opinion anddemonstrates ideas clearly by giving a stand on its argument whethereducation can reduce economic inequalities. It shows the importanceof education but does not overlook the proposal of what can be doneto reduce inequality and the implications of such. For instance,increased in educational rate reduce income inequality among low andmedium income earners but does not reduce that of the top earners.The proposal of this article was to increase training so that theskills of workers can be improved to boost the wage range.
ReferenceTheAtlantic (2015).WhatEducation Can and Can`t Do for Economic Inequality.Availableat:http://www.theatlantic.com/business/archive/2015/04/what-education-can-and-cant-do-for-economic-inequality/389754/(Accessed 27 September 2016).