While there is some level of enjoyment in furthering one’s education, schooling is generally viewed as an investment. By opting to undertake additional schooling, one incurs direct expenses (such as tuition, book costs etc.), as well as opportunity costs in the form of foregone wages and/or leisure time. In order to lure an individual to further their education, he/she must be convinced that the benefits of higher education outweigh the costs.
This raises the question, what are the benefits of education?