Hi, I’m a college student and I’ve been very concerned, to the level it consumes most of my day, about my immediate finacial future right after college if I do pursue a Liberal Arts education (planning to major in Economics). Yes, I’ve been giving a lot of the advices I should just do things for intrinsic values and that will take care of itself in the long run. I have done some research and have found out a person with a liberal arts education, over the span of his/her life, will generate more income and wealth than a person with a specialized degree. However, all of these advices I have received, doesn’t reduce my fears significantly. I’m writing, as an navie, inexperience student, seeking guidance and wisdom from anyone who has any advice on how I can reduce this fear. Any advice on what personal qualities/abilities I should develop, what kind of of knowledge I should acquire. And anything else that will help me to become financially independent within the first few years after college. You can also include any reading material I should consider looking over. Thank you for your time.
I could here reiterate my ‘Jobs are for suckers’ advice, but in your case I’m going to stick to ‘Economics is such utter gobiligook that you are nearly certain to lead a meaningless working life if you follow that path.’
First thing to remember is that economics grew directly out of a moral theory, utilitairianism, and it is indeed itself a closet moral theory. For instance, agents being self interested is not something proved by economics but is assumed by it.
Second lovely thing is that economics assumes things about people will know to be false. For instance that people can at any time produce a rank order list of their preferances. There was even an instance where psychologist showed that some bit of economics was just flat wrong. Something about comepareing a 50-50 shot at 200,000 dollars with a certiany of 100,000 dollars. Economics says they are equal, psychologoy shows that the 100,000 is almost always chosen.
There are some schools that break away from these problems- Econometirics mostly. But there your run into such messes between the differance between corilation and causeation, not to mention the hidden variables. It’s a headache.
The point is I would not have known any of this if I didn’t study philosohpy. To a certian degree not knowing philosophy is like not knowing hotdogs are made of meat. It’s not fair you are not given the option to really make a choice. But I’ll tell you the choice before you is this: you can make a good liveing digging imagenary ditches and filling them back up, or you can become truly educated and live however you can. The choice is between finialcial independance and mental indepenadence.
I rather spend my parents money and have my own belifes than have their belifes and my own money. But thats me.
Okay, I want to address both BobUnlimited and LostGuy, so this post is going to be a little all over the place…
Bob: Although LostGuy downplays the importance of financial indepence, it is a legitimate concern, even if just in terms of day-to-day survival. I don’t think there’s much wisdom in making material wealth your primary focus in life, but you will need money to support yourself and make yourself even reasonably comfortable in life.
That said, a liberal arts education does not in any way equate to starvation. However, a bachelor’s degree in liberal arts isn’t a terribly wise choice. I would recommend getting a Masters or Doctorate in some specialized field of liberal arts in addition to a Bachelors in general liberal arts. Use your undergraduate years to find something you really like and stick with it.
(I should note now that I’m only an undergraduate student myself, but that’s what I’m planning to do).
LostGuy: Yes, some aspects of Economics are Pyschologically and Philosophically inaccurate. However, that’s true of any science, and Economics is a science (all be it a social science). The fact that some of its principles rest on shaky ground does not completely invalidate the science. Economics is still a field with a great deal of practical usefullness. Its not some form of completely unproven mysticism, its a field that has been developed using real legitimate scientific research.
Well, on one hand I exagerated in saying Economics is utter gobblygook, on the other I have only begun to ream it out.
I’m afriad I’m in Canada studying French and don’t have all my notes/books, but there was plenty more than those simple criticism. However, in the end I tend to agree with Mill who was there at the begining that said Economics is true in the abstract- in some alternate dimesion where people are only controlled by the will to weath and the direct dectrators.
Now I wonder what you mean by real legitimate scientific research. Economics is a rare ‘science’ that was developed with almost no empirical study until very recently (econometrics). So what research do you refer to?
And as a quick note, the trouble that the other sciences may or may not have does nothing to change the trouble in Economics specfically.
You are right tho that finiacial independance is a concern, but nothing compared to intellectual independance. Perhpase the best course of action may be a double major. Philosophy and X is great because then you can always go to Grad school for Philosophy of X.
Peace all. 