Bird, Caroline and Necel, Stephen G. "College: Dumbest Investment of All," Esquire,
September, 1974, pp. 102, 169- 170.
The senior author of this article is the author of The Case Against College (CB, NY: Mackay,
1974) saying that that college is a poor economic investment. Here, with a co-author, she makes
the same point in a short article: the money spent in getting a college education is, from a
financial point of view, not worth it. It would be much more realistic to put the $20,000 or so in
an "investment" and, over the course of years, watch the money grow. Especially in times of high
interest, it is difficult to see putting the money into a liberal arts education, because the degree
will not recover the money.
The typical student does not recover financially from his college career but there is more to
college than money. It is more than vocational training. This "something extra" is completely left
out of this rational economic analysis. That college might, in itself, be meaningful, enabling, and
joyous is not discussed. That there are noneconomic benefits to college is ignored.