Aswankster said:
I'm a freshman in college, majoring in history, and planned to go to law school after I graduated. However, i read that Astrolad thread and have been having second thoughts. The only problem is, besides a career in film, i have absolutely zero interest in anything else. I just picked law because i couldn't think of anything else and it allowed me to major in history without becoming a teacher.
I would re-evaluate the work I was willing to do if I were you. People who say that money isn't important forget one thing. Money is like love, sex and air. They don't worry you all that much when you have enough, but they're ever so important when you have none.
How much a job pays depends on two factors: supply and demand.
Supply of labour increases when:
1) There are a large number of people able to do the work compared to the amount of work available
2) There are a large number of people willing to do the work compared to the amount of work available
3) The perceived benefits of doing the work are high (e.g. prestige, ease of work)
Demand for labour increases when:
1) There is a small number of people able to do the work compared to the amount of work available
2) There is a small number of people willing to do the work compared to the amount of work available
3) The perceived benefits of doing the work are low (e.g. prestige, ease of work)
What you want if you don't want a job filled with soul-crushing boredom, back-breaking labour or life under the poverty line is to get into a field with high
demand for labour. For instance:
Secreterial work
1) A large number of people can do the job
2) A large number of people are willing to do the job
3) The perceived benefits of doing the work are mid-range (middle class white-collar work)
These are weighted heavily toward the Supply end of things, so the expected pay for secreterial work is relatively low.
Garbage Collection
1) A large number of people can do the job
2) A small number of people are willing to do the job
3) The perceived benefits of doing the work are low (dangerous blue-collar work, perception that pay is low)
These are weighted heavily toward the Demand end of things, so the expected pay for garbage collection is relatively high.
Acting
1) A large number of people can do the job
2) A large number of people are willing to do the job
3) The perceived benefits of doing the work are high (promise of money and fame)
These are weighted heavily toward the Supply end of things, so the expected pay for actors is relatively low.
Plumbing
1) A small number of people can do the job (requires an apprenticeship)
2) A small number of people are willing to do the job
3) The perceived benefits of doing the work are low (hard blue-collar work)
These are weighted heavily toward the Demand end of things, so the expected pay for plumbing is relatively high.
Law
1) A large number of people can do the job (thanks to law schools pumping out grads)
2) A large number of people are willing to do the job (see above)
3) The perceived benefits of doing the work are high (prestige, promise of money)
These are weighted heavily toward the Supply end of things, so the expected pay for lawyers is relatively low.
Prostitution
1) A large number of people can do the job
2) A small number of people are willing to do the job
3) The perceived benefits of doing the work are low (dangerous work, looked down upon)
These are weighted heavily toward the Demand end of things, so the expected pay for prostitution is relatively high.
Bottom line: DON'T DO LAW
EDIT:
giga said:
I'm quoting this because it is important for your future to understand the fundamentals of economics. There's no need to go further into the esoteric side of things, but if you gain an intuitive understanding of basic economics (supply and demand, market distortion, market failure, the differences between Keynesian theory and Lolbetarian Austrian theory etc.), you will function much better as an adult and as a citizen of your country.
Understand it because it teaches you about the forces that shape your world. Just don't always put too much stock in its predictions because all economic models are but simplifications of the real thing - they're useful for decision making, but they don't always work.