Shouldn’t people with more education make more money?
Shouldn’t people with more education make more money?
Human beings in traditional societies are dependent on the available natural resources. These societies were simple because there is no economic realm, political realm. The people are oriented just to survive and lead life. In the modern societal context, there are several spectrums like the political, social, cultural, economic, etc.
In this modern society, the people are directed to perform economic activities to earn a livelihood because of the scarce resources available. The people to enter the economic spectrum are required to possess the skills and knowledge to perform the different existing occupational roles. Money has emerged as the medium of exchange in agrarian societies due to the inappropriate equations that take place in the process of exchanging commodities. This became an asset possession and even the indicator for the class position in modern society. To meet the demands of the economic spectrum and make the people get equipped with the skills and knowledge, education has been introduced into society. Through education, people gain the disciplinary-oriented knowledge and skills that are required to perform different occupations in the economic and political sphere. There involve several factors in equating the money earned with the education of the people. For example, the people who possess higher education will earn more due to the education which fetches the highly paid jobs. But, there exist some instances where people even earn low incomes even with higher educational attainment. Several factors include
individual: individual interest, and the orientation matters in the money that is earned. The higher educational attainment person will be interested in performing occupations that do not even provide highly paid incomes.
Domain trend: The individual's skills and knowledge will fetch high incomes in such cases where there is a greater demand for domain-oriented knowledge in the societal, economic spectrum.
Low skills: some of the individuals having the higher education will lack in the practical skill that is required to perform the roles in the economy will not fetch the highly paid occupations. in this scenario, it represents the lack in the education, that is not oriented towards equipping the individual with the current societal required skills.
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