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Journal Entry 1
Laura Howard
University of Maryland University College
September 30, 2016

The first UMUC (2016) module provided the foundation and introduction to the concepts
of the relationship between education and economics. Since education and economics correlate
with one another, it is essential to understand how they correspond, especially when learning
about distance education. I do not have extensive experience with studying economics, but I
hope that this course will help me to become more knowledgeable about educational financial
structure and how to interpret and make better economic-related decisions that will benefit
distance education.
After reviewing the objectives for the UMUC (2016) first module, I will reexamine and
reflect on what I learned. The first topic of the course was focused on the Wolf (2002) article.
This is an article that discussed whether pursuing and having higher types of education are
important to the success of our economy. I found that the most interesting part of this article was
actually questioning whether education should be held as such a vital necessity to uphold
economic success and personal financial livelihood. I do not recall ever reading an article about
this topic before, so it was interesting that the Wolf (2002) article discussed that a higher level

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type education may not necessarily be contributing to economic growth. Another UMUC (2016)
Module 1 objective topic was addressed on the Human Capital theory. This topic represents the
concept that people can be considered as an investment for productivity, especially if they are
supplied with desirable qualifications. We examined how education is involved with this, since
part of investing in human capital is to make sure people are receiving the education they need in
order to be capable of productivity in a work environment. Referring to another UMUC (2016)
Module 1 objective focused on was rates of return for education. This topic was discussed in the
Wolf (2002) and The Economist (2014) article and explained the relationship between the cost
and money you contribute to earning a degree and the possibility of returns. The educational rate
of returns concept is also illustrated in the Psacharopoulos and Woodhall (1985) graph (as cited
in https://learn.umuc.edu/d2l/le/173062/discussions/topics/1372999/View, 2016) and explained
on the UMUC Module 1 Unit 6 (2016) webpage
(https://learn.umuc.edu/d2l/le/173062/discussions/topics/1372999/View) to show the differences
in the levels of education and the benefits and disadvantages of each. The less educated
individuals will be first to start to financially earning during the timeframe that the more
educated are learning, but the more educated individuals will gain more earnings over a lifetime,
as displayed in the Psacharopoulos and Woodhall (1985) graph (as cited in
https://learn.umuc.edu/d2l/le/173062/discussions/topics/1372999/View, 2016) and explained on
the UMUC Module 1 Unit 6 (2016) webpage
(https://learn.umuc.edu/d2l/le/173062/discussions/topics/1372999/View). Referring to the final
UMUC (2016) Module 1 objective, distance education can be an alternative to meeting the needs
of others that may not have the means to attend courses in a traditional classroom setting.
Distance education may also provide more affordable or even free educational resources as an

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alternative to high cost university or other institutions. The UMUC (2016) Module 1 objectives I
think establish a clear understanding on the ideas and concepts of education and the
financial/economic issues that will be addressed further as we move along in the course.

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4
References

The Economist. (2014). Higher education: Is college worth it? Retrieved from
http://www.economist.com/news/united-states/21600131-too-many-degrees-are-wastemoney-return-higher-education-would-be-much-better
University of Maryland University College. (2016). OMDE 606 9040 Costs and economics of
distance education and e-learning (2168) OMDE-606 [Course syllabus]. OMDE 6069040, Fall 2016, [Costs and economics of distance education and e-learning (2168)
OMDE-606]. Master of Distance Education and E-learning, University of Maryland
University College, Retrieved from
https://learn.umuc.edu/d2l/le/content/173062/viewContent/7553270/View
Wolf, A. (2002). Education: Elixir or snake oil? Can education really deliver growth? In A. Wolf
(Ed.), Does education matter? Myths about education and economic growth. (pp. 13-55).
London: Penguin Books.