@TuringEquivalent,
TuringEquivalent wrote:
Oylok wrote:
TuringEquivalent wrote:In order to make a comparison. Without such simplification, there would be no mathematical models.
You seem to see it as necessary to abstract ALL the details away, leaving yourself with a meaningless model.
I say you are pretty ******* clueless about models. All economics models( or everything else) abstract away certain details.
The average higher grad earns less than a college grad. What is "average"?
I'm glad you decided to restart this thread, although I doubt jespah and Cyclo are so thrilled about it. I expect they're getting pretty bored by now.
First,
What is the red part of your answer now in red supposed to mean? Do you mean that the average "Arts" grad earns less than the average college grad? Or are you criticising me for throwing around the term "average" in in this discussion?
Second,
Here, specifically, is what I don't like about your model:
(1)
Financial models are useful only insofar as they allow us to make sound
financial decisions. Your model does not appear to be very useful to anyone. The only people who might conceivably find it useful are college freshmen, deciding on a major, who want to maximise their future earnings. But the idea that the average Arts degree is worth less economically than the average science degree isn't going to help an individual make any sound decisions, because the value of the Arts or Science degree that that individual takes will depend on his/her other skills as well as on the exclusivity and reputation of the graduating institution. Averages mean absolutely nothing to the individual student.
(2) You have, all this time, been treating Arts and Science degrees like commodities, each determined by supply and demand in a single market. The commodity markets for "Arts degrees" and "Science degrees" you're talking about don't exist.
(3) You have never, so far as I've seen, shown us any statistics proving Arts degrees were worth less than Science degrees, or given any explanation of how those statistics were come by. For example, I'm not even sure whether this "value" you're talking about is supposed to be a stock or a flow. I've just assumed you were talking about income generated. Until you make a precise argument, you haven't really made any.
Show us your brilliant evidence for why why you're right. You brag about being so brilliant in Math; prove it!