College is also part of consumption

Econjeff wrote a blog which share the same idea I have had since 2006. The article is available at
http://econjeff.blogspot.com/2009/05/college-as-consumption.html

So given the fact that the return on the ivestment in college is less than the cost, Chinese people are still rational to maximize their utility. This argument kills the debate whether it is worthwhile to go to college or not that prevailing in the last few years.