Föhrenbergkreis Finanzwirtschaft

Unkonventionelle Lösungen für eine zukunftsfähige Gesellschaft

Posts Tagged ‘Education’

American Schools Are Training Kids for a World That Doesn’t Exist

Posted by hkarner - 20. Oktober 2014

Date: 19-10-2014
Source: WIRED by DAVID EDWARDS

Are Americans getting dumber?

Our math skills are falling. Our reading skills are weakening. Our children have become less literate than children in many developed countries. But the crisis in American education may be more than a matter of sliding rankings on world educational performance scales.

Our kids learn within a system of education devised for a world that increasingly does not exist.

To become a chef, a lawyer, a philosopher or an engineer, has always been a matter of learning what these professionals do, how and why they do it, and some set of general facts that more or less describe our societies and our selves. We pass from kindergarten through twelfth grade, from high school to college, from college to graduate and professional schools, ending our education at some predetermined stage to become the chef, or the engineer, equipped with a fair understanding of what being a chef, or an engineer, actually is and will be for a long time.

We “learn,” and after this we “do.” We go to school and then we go to work. Den Rest des Beitrags lesen »

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Business education: Banks? No, thanks!

Posted by hkarner - 13. Oktober 2014

Thanks god they move into the real economy! (hfk)

Date: 09-10-2014
Source: The Economist

For graduates of the world’s leading business schools, investment banking is out and consulting and technology firms are in

“AN INVESTMENT banker was a breed apart, a member of a master race of dealmakers. He possessed vast, almost unimaginable talent and ambition.” So wrote Michael Lewis in his 1989 book, “Liar’s Poker”. Mr Lewis charted the ascent into investment banking of the most talented graduates in the 1980s, a situation that still held true as the financial crisis struck in 2007. Then, 44% of Harvard’s MBAs landed a job in finance; 12% became investment bankers. Yet in the class of 2013 only 27% chose finance and a meagre 5% became members of Mr Lewis’s master race.

The trend is the same at other elite business schools. In 2007, 46% of London Business School’s MBA graduates got a job in financial services; in 2013 just 28% did, with investment banking taking a lower share even of that diminished figure. At the University of Chicago’s Booth School of Business, the percentage of students going for jobs in investment banking has fallen from 30% in 2007 to 16% this year.

Since the crisis, investment banks have culled the recruitment schemes through which they once hired swathes of associates straight from business schools. Instead, they rely more on recruiting the brightest undergraduates, in the belief that it is more productive—and better value—to develop cohorts of junior analysts in-house, rather than those with fixed ideas honed on expensive MBA programmes. Den Rest des Beitrags lesen »

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The Future of Education

Posted by hkarner - 10. Juli 2014

Date: 09-07-2014Spellings CC
Source: The Wall Street Journal
Subject: Margaret Spellings on the Future of Education

The Former Education Secretary Predicts Schools Will Evolve Into a Student-Driven System With No Grade Levels

When I look ahead to the schools of 20 years from now, what I see are institutions that not only will be more diverse, but will in every way look and function differently from the schoolhouses of today.

Ms. Spellings, president of the George W. Bush Presidential Center in Dallas, was secretary of education from 2005 to 2009.

The classrooms of the present will go the way of the banks of old. Just as new technologies allowed us to access banks through ATMs instead of going to the teller in the lobby, education will be revolutionized through ever-expanding technologies and the rapid flow of information.

Those two forces will change the trappings of the system we know now, resulting in a consumer-driven education.

Parents, for one, will have access to the flow of data, allowing them to help their children find the education that best fits them. Buyers, meaning the parents and students, will be in control of the education, selecting from an à la carte menu of options. Gone will be the fixed-price menu, where a student attends a school based upon geography and is offered few alternatives. Students and their parents can take their state and federal dollars and find an education that best suits them.

For many Americans, this revolution will mean home schooling. For others, it will mean accessing coursework online at any time. For all students, this will mean more individualized learning. Den Rest des Beitrags lesen »

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Wealth by degrees

Posted by hkarner - 27. Juni 2014

Date: 27-06-2014
Source: The Economist

The returns to investing in a university education vary enormously

Population with university degreeIS A university degree a good investment? Many potential students are asking the question, especially in countries where the price of a degree is rising, as a result of falling government subsidies. Recent research suggests that the conventional wisdom remains true: a university degree pays handsomely. In America and the euro zone, for example, unemployment rates for graduates are far below average. Yet the benefit of university varies greatly among students, making an investment in higher education a risky bet in some circumstances.

The value of a degree, like so much else in economics, boils down to supply and demand. The gap between average pay for university graduates and those with secondary-school degrees is commonly called the “college wage premium”. When firms are hungry for skilled workers their demand for university graduates grows, and the premium tends to rise. When the supply of graduates grows faster than that of less-educated workers, in contrast, the premium will stabilise or fall.

Though the demand for graduates varies slightly from country to country, the trend across the rich world is clear. For at least a century firms have sought to hire ever more of the best-educated workers. The college wage premium, however, has bounced around, as the number of graduates has not grown so evenly. In America, the big premium graduates earned in the early 20th century melted away in the post-war years as universities churned out ever more of them. In the 1970s things shifted again. The supply of university graduates had been growing roughly five percentage points faster each year than that of high-school graduates; by the 1990s the gap had shrunk to less than two percentage points. The wage premium duly began to rise again.

The share of people attending university was slower to rise in other rich countries but has caught up rapidly in recent decades. Older American workers are much better educated than their peers elsewhere in the rich world, according to data from the OECD, a club of rich countries. Younger Americans are comparatively undistinguished (see chart). Elena Crivellaro, of the University of Venice, notes that from 1990 to 2005 university enrolment rose by almost 50% in Nordic countries and by more than 30% around the European periphery. In America enrolment growth was about 26%.

So rapid was the change in some European labour markets that they became “saturated” with new graduates, reckons Ms Crivellaro. This saturation has combined with generous minimum wages to keep the college wage premium relatively flat in Europe. Graduate premiums rose in the 2000s in France, Ireland and especially Britain, she calculates, but fell in Germany. In 2011, the OECD says, American graduates earned 77% more a year than those who completed secondary school, compared with 57% in Britain, 47% in France and just 25% in Sweden.

Over the course of a working career these premiums add up impressively. Christopher Avery of Harvard University and Sarah Turner of the University of Virginia estimate that between 1965 and 2008 the discounted present value of a college education in America, net of tuition fees, rose from $213,000 to $590,000 for men, and from $129,000 to $370,000 for women in 2009 dollars. Most of the increase occurred before 2000. A number of studies conclude that most of the past generation’s rise in inequality within the American labour force (that is, among all workers, and not just between the top 1% and the rest) is attributable to the rising premium on a college education. Den Rest des Beitrags lesen »

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Education is no longer the answer to rising inequality, if it ever was

Posted by hkarner - 15. Juni 2013

Date: 14-06-2013
Source: PAUL KRUGMAN
Subject: Sympathy for the Luddites

In 1786, the cloth workers of Leeds, a wool-industry center in northern England, issued a protest against the growing use of “scribbling” machines, which were taking over a task formerly performed by skilled labor. “How are those men, thus thrown out of employ to provide for their families?” asked the petitioners. “And what are they to put their children apprentice to?”

Those weren’t foolish questions. Mechanization eventually — that is, after a couple of generations — led to a broad rise in British living standards. But it’s far from clear whether typical workers reaped any benefits during the early stages of the Industrial Revolution; many workers were clearly hurt. And often the workers hurt most were those who had, with effort, acquired valuable skills — only to find those skills suddenly devalued.

So are we living in another such era? And, if we are, what are we going to do about it?

Until recently, the conventional wisdom about the effects of technology on workers was, in a way, comforting. Clearly, many workers weren’t sharing fully — or, in many cases, at all — in the benefits of rising productivity; instead, the bulk of the gains were going to a minority of the work force. But this, the story went, was because modern technology was raising the demand for highly educated workers while reducing the demand for less educated workers. And the solution was more education. Den Rest des Beitrags lesen »

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Our Ignorance Will Yield More Crises in Capitalism

Posted by hkarner - 2. Februar 2012

Date: 02-02-2012
Source: The Financial Times by Kenneth Rogoff

Despite recent excesses and imbalances, the free-market system of capitalism is the superior method for managing economies. Regulations combined with visionary thinking go a long way in establishing public goods like education, health or infrastructure and easing imbalances that concentrate benefits among a few. For the government to undertake such tasks, it must be prodded by an aware, educated citizenry. Some see a model in China’s growth as it embraces some free-market principles, yet “As China grows it must shift to a domestic-demand driven model where it will be much harder to resist internal political pressures to interfere with competition,” writes Kenneth Rogoff of Harvard University for the Financial Times. “The idea that Chinese capitalism, which is evolving and transitional, provides a blueprint for the rest of the world, is an absurd exaggeration.” Education is the gateway to managing challenges, achieving sustainability and financial stability. Nations cannot afford ignorance among large groups of citizens who are then swayed by demagogues, Rogoff contends. The globe can anticipate many more painful crises without adequate, far-reaching and lifelong education. – YaleGlobal

Lifelong education could prevent the greed, environmental damage and inequality – the consequences of widespread ignorance about finance and politics Den Rest des Beitrags lesen »

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We’re in a Bubble and It’s Not the Internet – It’s Higher Education

Posted by hkarner - 27. April 2011

Date: 26-04-2011
 Source: TechCrunch Peter Thiel:
Analysts prowl for the next bubble, and venture capitalist Peter Thiel argues that higher education is a likely candidate. In an article for TechCrunch by Sarah Lacy, Thiel compares higher-education costs with US housing prices: Both are touted as investments, promising long-term financial security; highly exclusive homes and educations can convey what Thiel calls “an unhealthy sense of entitlement.” Yet after an expensive Ivy League degree students often return to board with parents. He contends that talented students should succeed even without educations from the world’s most reputable institutions. Setting out to gather evidence supporting his theory, Thiel launched a contest to select 20 talented young adults, including international students from emerging economies, with good ideas, paying them to leave school and start companies instead. The notion that a select education determines success is limiting and self-reinforcing, and Thiel wants to establish a debt-free alternative. Great ideas, aided by funding and determination, can emerge from many sources. – YaleGlobal Den Rest des Beitrags lesen »

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India Graduates Millions, but Too Few Are Fit to Hire

Posted by hkarner - 5. April 2011

The Wall Street Journal

  • INDIA NEWS
  • APRIL 5, 2011

By GEETA ANAND

BANGALORE, India—Call-center company 24/7 Customer Pvt. Ltd. is desperate to find new recruits who can answer questions by phone and email. It wants to hire 3,000 people this year. Yet in this country of 1.2 billion people, that is beginning to look like an impossible goal.

So few of the high school and college graduates who come through the door can communicate effectively in English, and so many lack a grasp of educational basics such as reading comprehension, that the company can hire just three out of every 100 applicants.

Many recent engineering grads in India say that after months of job hunting they are still unemployed and lack the skills necessary to join the workforce. Critics say corruption and low standards are to blame. Poh Si Teng reports from New Delhi. Den Rest des Beitrags lesen »

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A Nation of Dropouts Shakes Europe

Posted by hkarner - 25. März 2011

The Wall Street Journal

  • MARCH 25, 2011

By CHARLES FORELLE

LISBON—Isabel Fernandes, a cheery 22-year-old with a constellation of stars tattooed around her right eye, isn’t sure how many times she repeated fifth grade. Two, she says with a laugh. Or maybe three. She redid seventh grade as well. She quit school with an eighth-grade education at age 20.

Ms. Fernandes lives in a poor suburb near the airport. She doesn’t work. Employers, she says, “are asking for higher education.” Even cleaning jobs are hard to find.

European Pressphoto AgencyProtesters in Porto, Portugal, on March 12 called for relief from the nation’s economic distress, which is made worse by poor education.

Portugal is the poorest country in Western Europe. It is also the least educated, and that has emerged as a painful liability in its gathering economic crisis. Den Rest des Beitrags lesen »

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Degrees and Dollars

Posted by hkarner - 8. März 2011

Date: 07-03-2011
 Source: PAUL KRUGMAN

 It is a truth universally acknowledged that education is the key to economic success. Everyone knows that the jobs of the future will require ever higher levels of skill. That’s why, in an appearance Friday with former Florida Gov. Jeb Bush, President Obama declared that “If we want more good news on the jobs front then we’ve got to make more investments in education.”

The day after the Obama-Bush event, The Times published an article about the growing use of software to perform legal research. Computers, it turns out, can quickly analyze millions of documents, cheaply performing a task that used to require armies of lawyers and paralegals. In this case, then, technological progress is actually reducing the demand for highly educated workers. Den Rest des Beitrags lesen »

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