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Highlight for me: > One of the really striking findings of the study was, that you would in some sense really rather know where somebody went to college rather

by fidels 9y ago

Highlight for me: > One of the really striking findings of the study was, that you would in some sense really rather know where somebody went to college rather than how much money their parents make, if you wanted to guess how much money they were going to make in the future

CryoLogic 9y ago
https://www.ssc.wisc.edu/cde/cdewp/98-07.pdf https://www.ssc.wisc.edu/cde/cdewp/98-07.pdf At the bottom of the study you see education is the most important factor in career success for your first job. About 7x more accurate than parent's income.
- oculusthrift 9y ago
  hm, how much does parents income determine education though..
  - alehul 9y ago
    Why is this being downvoted? To elaborate: if, hypothetically, one's parent's income was a huge determining factor in one's education, and in turn one's education was the only relevant factor to one's income, then there would be a 100% correlation between one's education and one's income, and a statistically much smaller one between one's parent's income and one's education. Although we see that strong correlation between education and income, we should evaluate the previous step through analyzing the correlation of parent's income to your education, not the correlation of parent's income to your income as that would be more indirect. Please correct me if I'm missing something.
    - alehul 9y ago
      Edit: in the last sentence of the first paragraph, the statistically smaller one would be parent's income and your income; sorry for the mixup
    - aaron695 9y ago
      > Why is this being downvoted? A young teenager understands correlation and causation If a study gets this wrong (it might happen) please explain how it has? Or please explain or say how the study didn't try and differentiate? Else OP is just producing spam. Studies obviously account for it. The default is something so very simple is looked at. It's up to OP to explain why the obvious isn't correct. Besides you care about causation then a parents income is not really a changeable variable. People can chose to study further (Or helped to study further) or chose to study less. What's important is not a parents income, which lucky isn't anyway.

by fidels 9y ago

CryoLogic 9y ago

https://www.ssc.wisc.edu/cde/cdewp/98-07.pdf https://www.ssc.wisc.edu/cde/cdewp/98-07.pdf At the bottom of the study you see education is the most important factor in career success for your first job. About 7x more accurate than parent's income.

oculusthrift 9y ago
hm, how much does parents income determine education though..
- alehul 9y ago
  Why is this being downvoted? To elaborate: if, hypothetically, one's parent's income was a huge determining factor in one's education, and in turn one's education was the only relevant factor to one's income, then there would be a 100% correlation between one's education and one's income, and a statistically much smaller one between one's parent's income and one's education. Although we see that strong correlation between education and income, we should evaluate the previous step through analyzing the correlation of parent's income to your education, not the correlation of parent's income to your income as that would be more indirect. Please correct me if I'm missing something.
  - alehul 9y ago
    Edit: in the last sentence of the first paragraph, the statistically smaller one would be parent's income and your income; sorry for the mixup
  - aaron695 9y ago
    > Why is this being downvoted? A young teenager understands correlation and causation If a study gets this wrong (it might happen) please explain how it has? Or please explain or say how the study didn't try and differentiate? Else OP is just producing spam. Studies obviously account for it. The default is something so very simple is looked at. It's up to OP to explain why the obvious isn't correct. Besides you care about causation then a parents income is not really a changeable variable. People can chose to study further (Or helped to study further) or chose to study less. What's important is not a parents income, which lucky isn't anyway.