Economists Quote by Chip Heath
““Smart enough to get into Yale. Economists studied students who had been admitted to two schools of higher and lower prestige but decided to attend the school with lower prestige. Estimated sacrifice in lifetime earnings from attending the less prestigious school: none.””
About This Quote
Source Journal Article: Harvard Business Review, 2016
Students often choose lower‑prestige schools for non‑monetary reasons, showing that prestige does not guarantee higher earnings.
In simple terms: Choosing a less prestigious school may not lower lifetime earnings.
Consider factors beyond prestige when choosing a school.
Themes
Mood
Type
When to use this quote
- college selection
- career planning
- financial forecasting
- personal fulfillment
Key Concepts
Questions to Reflect On
- What non‑financial benefits do you value in education?
- How might prestige affect personal satisfaction?
The quote assumes earnings are the only success metric, ignoring other outcomes.