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In: Economics

"The earnings of engineers, doctors, and lawyers are high because lots of education is necessary to...

"The earnings of engineers, doctors, and lawyers are high because lots of education is necessary to practice in these fields." Evaluate this statement.

Now, in contrast from what we have learned this year during the pandemic, can we rightly justify that these positions or ones similar to them, SOLEY, qualify for higher earnings? Is there room to argue that experience is enough or supplemental to both groups of occupations? Explain your answer

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Expert Solution

Ans. Yes we can say that the earnings of a doctor, engineer and a lawyer is very high because the time given to practise these fields is very much and also these are the expensive areas to practise in beacsue the courses fees are very high and so the outcome is good as well. The degrees of these courses are very time consuming in comparison to other normal courses. For eg , being a doctor requires roughly 6 years of study including entrance preparation and internship but comparatively other courses can be finished in 3 years.

No, we cannot say that these are the only positions which qualify for higher earnings , there are many other fields , even a normal graduate is capable enough to earn more but the skills are required for him to aquire much in comparison to those courses which were discussed earlier because normal graduate has a lot of competition.

Yes, having experience is supplemental for both the groups to earn well. If a person is having experience of many years , he is more likey to earn alot irrespective of which group he belongs to...either he is a doctor or just a normal graduate but if he has experience of many years , he will definitely face a hike in his salaries.


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