Nobody in my family, or any of my friends' families, is graduating from college this year. I have a few high schools graduations to attend, but another month before that occurs.
Yet it is the commencement season. I was cruising the web recently and stumbled on two commentaries which I thought were excellent. One was a commencement speech redone as a 10 minute video. The other was from NPR which published snippets of graduation advice from economists. Both are linked here.
This video was based on a commencement speech from Kenyon College, several years ago. (my apologies, the original link was removed by the author's trust due to copyright issues, but the version I linked to does still work).
The letter to graduates (with link to original) is below the fold.
I particularly like the author's explanation of Economics, because I enjoy the subject. It's not about predicting things, and it's not about telling people how to make money. It can do both. Primarily it's about life and choices. Adam Smith was considered a philosopher, in his time.
Don’t take the job that pays the most money. Nothing wrong with money, but it’s the wrong criterion for choosing if you are fortunate to have a choice in this not-so-great job market. People often confuse economics with anything that is related to money as if the goal of economics is to make you rich. But the goal of economics is to help you get the most out of life. Money is part of that of course, but usually there are tradeoffs–the highest paying job has drawbacks. Don’t ignore those. So take the job that is the most rewarding in the fullest sense of the word. Sure, money matters. But so does how much you learn on the job, how much satisfaction it gives you and whether it lets you express your gifts. The ideal is to find a job you love that still lets you put food on the table and a roof over your head. You spend a lot of time at work. Don’t do something you hate or that deadens your soul just because it pays well.
Time is precious. One of the simplest but most important ideas of economics is the idea of opportunity cost–anything you do means not doing something else. Don’t spend all of your leisure on email and twitter and entertainment. Keep your brain growing. Listen to Planet Money. Read a novel. Take a cooking class or keep working at that musical instrument.
Finally remember the question Mary Oliver asks in her poem, The Summer Day:
Doesn’t everything die at last, and too soon?
Tell me, what is it you plan to do
with your one wild and precious life?
You don’t have to answer that question today. Or even tomorrow. But time is precious. Find a way to use your gifts. If you don’t have any gifts, invest in finding some. If you have some, invest in improving them.
The original is here.
