Chapter 29: Problem 4

Describe how people choose a major in college. If someone majors in English literature knowing that the starting salary for English literature graduates is much lower than the starting salary for accountants, is the English literature major irrational?

Short Answer

Expert verified

Answer: Not necessarily, as long as the individual has considered their personal priorities, interests and goals when making their decision. Rationality in decision-making involves evaluating the potential consequences of different alternatives and selecting the action that aligns with one's priorities and overall goals. While financial considerations may be important for some, other factors such as passion for the subject, career aspirations, or personal fulfillment might outweigh these for others in their decision-making process.

Step by step solution

Identify influencing factors on choosing a major

In choosing a major, students take into consideration various factors, such as their interests, career goals, job prospects, personal skills, and values, among others. Each person has different priorities and might weigh these factors differently when making a decision.

Define rationality in decision-making

Rationality in decision-making involves evaluating the available information, taking into account one's preferences and goals, assessing the potential consequences of different alternatives, and selecting the action that leads to the best possible outcome according to one's perspective.

Evaluate the importance of salary in the individual's decision

For some people, financial considerations are paramount, such as selecting a major with a higher starting salary. However, other people might prioritize personal fulfillment, intellectual challenge, or societal impact when evaluating their options. The importance assigned to salary relative to other factors is what determines the rationality of the decision for each person.

Assess the rationality of the English literature major's decision

The individual in the example is aware that the starting salary for English literature graduates is lower than that of accountants. However, they might have other goals or preferences driving their choice, such as passion for literature or desiring a career in academia, where the salary difference might not be as significant. Considering the various factors involved in selecting a major, deciding on an English literature major could be rational for this individual if it aligns with their overall priorities and interests.

Conclude the analysis

In conclusion, an individual's decision to choose a major in college depends on various factors, including personal interests, career goals, financial prospects, skills, and values. Rationality in decision-making requires analyzing the trade-offs between these factors from one's perspective. As a result, the English literature major's decision to pursue their studies knowing the potential salary difference with an accounting major does not necessarily indicate irrationality, as long as they have considered their priorities, preferences, and goals while making their choice.