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Attending college can increase productivity and wages, with higher levels of academic achievement leading to more money earned over a lifetime. The learning effect suggests that college graduates acquire useful skills and productivity habits, while the screening effect suggests that employers find graduates more attractive candidates. A mix of both effects likely comes into play, with graduates also accessing jobs with benefits and more opportunities for career development.
The learning effect is an increase in productivity and wages for people who attend colleges and universities. Economists theorize that going to college can increase a person’s lifetime earnings substantially, offsetting the investment required to pay for college and the cost of living in school. A related theory, the screening effect, suggests that employers find graduates more impressive and are consequently more likely to hire and pay them well, thus contributing to higher earnings for graduates.
Substantial documentation shows that people who attend colleges and universities do more, on average, than people who don’t. Higher levels of academic achievement translate into even more money earned over a lifetime. This supports the claims made by learning effect proponents. Attending college for an associate or bachelor’s degree can give people access to more job opportunities, and many high school students are encouraged to do so with the goal of making them more successful in life.
According to the theories behind the learning effect, people who go to college will be more productive in the long run. They often acquire productivity skills in college along with useful skills that they can apply to employment in a wide variety of industries. The college encourages working independently, prioritizing responsible time and organizing homework productively and efficiently. People will bring this with them into work, potentially making them more valuable as employees. Higher degrees also tend to attract higher salaries, especially in the case of professional qualifications such as medical and legal training.
Proponents of the screening effect argue that college makes people more employable because they are more attractive candidates. Instead of operating through learning and experience in college as the learning effect, it takes effect when people apply for jobs. Employers will choose a college graduate over someone with a high school diploma and will gravitate towards people with advanced degrees if given a choice. These economists suggest that employer screening of employees explains the better pay and productivity levels people associate with college graduates.
In most situations, a mix of screening and learning effects probably comes into play. The earnings gap between graduates and graduates varies around the world, but can be surprising. Graduates also tend to be more likely to access jobs with benefits such as retirement accounts, health care, and paid vacations. In addition to earning more, they are in a better position for retirement and have more opportunities while on the job, including employer-funded continuing education and opportunities to travel and network with other people in their industries.
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