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Income by Education - Essay Example

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Summary

Disparities in income earned by individuals cut across all spheres of human development and has different economic, demographic and sociological disposition. The level of education is a major determinant of income inequalities. Upon studying the effects of educational attainment…

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Subject: Finance & Accounting
Type: Essay
Level: Masters
Pages: 1 (250 words)
Downloads: 2
Author: morargregory

Extract of sample "Income by Education"

Income by Education Grade June, 12, Income by Education Disparities in income earned by individuals cut across all spheres of human development and has different economic, demographic and sociological disposition. The level of education is a major determinant of income inequalities. Upon studying the effects of educational attainment on income equality, Barro (1999) observed that those who attained higher education had leverage over those whose level of education remained at primary level. In other words, he discovered that the relationship between income inequality and higher education enrollments was positive but negative between income inequality and primary enrolment.

Regardless of whether a person held an arts or a science degree, such an individual has a better chance of earning more and securing employment fast compared to a person without such qualifications (Baum & Payea, 2005). Thus, depending on the level of ones income, it would be appropriate to pursue higher education. Higher education is certain to improve on individuals skills and give him or her better chance of taking advantage of upcoming employment opportunities. Needless to say, some disciplines attract more pay than others and it would do no harm going for a degree that will help a person to earn more.

A person can save in advance and acquire a debt in order to finance a degree program of their choice (Burnsed, 2011). Globalization has made competition to be stiffer through outsourcing. Higher education has become all the more important in today’s society more than ever before. Corporations equate competence and skillfulness to the level of education possessed by an individual. Besides that, every individual should aspire to live, to love, to learn and to leave a legacy. Higher learning plays a pivotal role in a persons self actualization.

ReferencesBarro, R. J. (2000). Inequality and Growth in a Panel of Countries. Journal of Economic Growth,5, 5-32.Baum, S. and Payea, K. (2005, June). The Benefits of Higher Education for Individuals and Society: Education Pays 2004. Retrieved from the Trends in Higher education Series Website: http://www.collegeboard.comBurnsed, B. (2011, August) How higher Education affects Life Time salary. Retrieved from theChicago Tribune Website: http://www.chicagotribune.com/features/tribu/ct-tribu-salary-and-education-story,0,7530307.story

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