The real economics of choosing a major
Ryan DukemanWhenever today's college students tell people back home (especially of older generations) about what they’re majoring in, the inevitable response (either direct or implied by snide facial expressions) is usually either “good for you; that’ll really put you on the fast track” or “what are you going to do with that after you graduate?” For most people whose major is not an obvious moneymaker, a common justification (though certainly not the only one) is moral or philosophical, something along the lines of "life’s too short" or "I’d always regret it." I think a better justification can be found in economics. Before the mid-20thcentury, conventional economic wisdom said that most people behave as "wealth-maximizers" and, given a choice, would choose the path that gave them the most expected money.