Li Ka-shing: Knowledge Changes Fate
May 10th, 2008 by admin
Li Ka-shing is a Hong Kong billionaire whose businesses you can read about in the linked Wikipedia article.
He also produced a series called “Knowledge Changes Fate” available here:http://www.lksf.org/eng/about/likashing/video1.shtml
More videos featuring Li Ka-shing are located on YouTube here:http://www.youtube.com/profile_videos?user=IndoChink
According to Harvard economics professors Claudia Goldin and Lawrence F. Katz (via an article in the New York Times by fellow Harvard economics professor Greg Mankiw), education is similar to the concept of the “golden ticket” from the book/movie Charlie and the Chocolate Factory:
“Because growth in the supply of skilled workers has slowed, their wages have grown relative to those of the unskilled. This shows up in the estimates of the financial return to education made by Professors Goldin and Katz. In 1980, each year of college raised a person’s wage by 7.6 percent. In 2005, each year of college yielded an additional 12.9 percent. The rate of return from each year of graduate school has risen even more — from 7.3 to 14.2 percent…. Maybe educational levels are like Willie Wonka’s chocolate bars. A few of them come with golden tickets that give you opportunities almost beyond imagination. But even if you aren’t lucky enough to get a golden ticket, you can still enjoy the chocolate, which by itself is well worth the price.”
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