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ColtInn comments on Earnings of economics majors: general considerations - Less Wrong
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Most U.S. elite colleges don't have undergraduate business majors. It's (falsely in my opinion) considered beneath them. Investment banks would much, much, much rather hire a Harvard philosophy major than a state school business major.
True, but why the focus on elite colleges and investment banks? I think if you took out all grads employed by investment banks from all of the categories listed in the tables above you'd see the same pattern.
Non-elite colleges usually have both business and economics majors and students with the goal of maximizing their lifetime earnings often pick business. This might change the stats.
Precisely! So focus on the middle of the distribution, not the extremes.