'Degree's of Education

There is an interesting article in the WSJ today titled "The Declining Value Of Your College Degree." Its basic premise is that the 'college degree" premium has changed little since 2001, and college educated workers, when averaged, made less in 2007 than in 2001, after adjustment for 'official' inflation.

Rather than the value of a college degree declining, the half life of knowledge is shrinking rapidly, especially in technology. I spent years learning and becoming proficient in FORTRAN in the 80s. It is extinct now. I learnt programming in operating systems like VMS and CDC Cyber. All that knowledge is useless now. There are plenty of such examples. In addition, the "newer" areas attract people from all over the world, thus increasing competition.

For most people, including those not blessed with rich or well connected parents, a College degree is a 'necessary but not sufficient' requirement for professional and financial success.