What Brings Greater Benefit – Educating You Or Your Father?

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The famous two-diploma-taxi-driver problem

  • … You know, I have two different university diplomas! What can I say about this government when I am sitting in this car driving people around …
  • (Me with bored yet polite facial expression) Yeah, life is like that…

I am sure that like me, you have had this conversation at least three or four times over the last years. You never knew whether they were saying the truth each time; however, the fact is that in Georgia there are thousands of men and women aged around 45 to 60 who do have degrees in various technical fields, yet the only common feature of their jobs and their original professions happens to be them. This of course has to do with firstly, the collapse of employers and secondly, outdated qualifications or the mismatch between requirements of the employers and the skills and abilities of the unemployed.

What is the solution? The options are to do nothing or re-educate with new skills with the opportunity of building on the old ones.

And so, here is the question: what is the net present value of retraining older professionals to update their qualifications so that employers hire once experienced mechanical engineers? Or better yet: benefit-wise, would Georgia rather give just you four years of education or educate four of your father’s peers? You are a young enthusiastic student with no work experience; he was the head mechanical engineer of Zestaponi Pero during 1980’s and has been driving a taxi for the last 12 years.

Think about this socially and economically (e.g., NPV basis). TBSC has done the calculations and analysis. But first, what do you think? On one hand, you are young enthusiastic with lots of potential to absorb new material but expensive to educate (fours years X 10 200 GEL – including tuition, books and opportunity cost). On the other hand, your father has considerable experience in this field and only needs a year of training to refresh his skills.

 

Better Decisions Through Analysis