Economic Value of a Humanities Degree

From Forbes (click on excerpt to go to the full article):

Just to provide some examples, I pulled out information on bachelor’s degrees in art, drama, English, French, history, philosophy, and political science. Overall, this is a group that many would predict is destined to produce underemployed graduates, struggling to pay off their student loans, and perhaps happy to work as Starbucks baristas. However, conventional wisdom is wrong. In reality these degrees all produce expected lifetime earning increments far in excess of the cost of college tuition, even at expensive private colleges.

Here are some of the highlights (with the table below showing more results). The present value of the extra earnings that graduates in humanities majors can expect over their lifetime is $302,400 for drama majors, $444,700 for English majors, $537,800 for history majors, and $658,900 for philosophy majors. If a person goes to a top-level, in-state, public university with no financial aid of any kind, the total cost is likely to run around $80,000 (tuition, books, and living expenses). That means the much maligned humanities majors are still getting an A in economics because the returns on their investments are quite high (in the 300 to 700 percent range).

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