In 2008 I faced an important choice.
I was teaching English in France, and while I was comfortable with my lifestyle and able to put money away, it wasn't challenging or rewarding to me. At 27 it seemed I should bite the bullet and get my undergraduate degree, before it was too late.
I had wanted to come back to Asia. I consider France a second home, but the variety and richness of cultures in Asia have always appealed to me. So after considerable searching and comparing costs and benefits, I settled on the International College of Payap University, Chiang Mai.
This brings me to the point of opportunity cost.
Economics is a science of choice and opportunity cost is defined as the choice we give up for the choice we make. Lets look at some of my choices:
- Study in France for 3 years
- Study in Australia for 3 years
- Study in Thailand for 4 years
First, the monetary differences:
Study in France for 3 years.
The tuition for the degree - AUD30,000 (private school) or AUD10,000 (public university).
Living costs are about AUD30,000 for the duration of the diploma.
Total cost: AUD60,000 (private) AUD40,000(public)
Study in Australia for 3 years.
Tuition for the degree - AUD30,000 (study loan possible).
Living costs are about AUD30,000 for the duration of the diploma.
Total cost: AUD60,000
Study in Thailand for 4 years.
Tuition for the degree - AUD15,000.
Living costs are about AUD20,000 for the duration of the diploma.
Total cost: AUD35,000
The result: Thailand. On monetary basis alone, Thailand comes out the cheaper option. My opportunity cost of studying in Australia compared to Thailand is a further AUD30,000. Almost as cheap is public university in France as a European citizen (I have a UK passport). However this might incur additional costs for example it might be necessary to move to Paris, where the costs of living is 50% to 100% more than other cities.
But as I've said before, economics is not about money. That is, money is not the only factor. So let me list some non monetary factors of my choices.
France
- Good European and middle eastern food, but a lack of good Asian food
- Would be able to refine my French
- Would probably have to live in a tiny crappy apartment
- The occasional rude and aggressive people
- Racism
Australia
- Good all kinds of food
- Good weather
- No language improvement opportunities
- Full government support of studies
- The occasional rude and aggressive people
- Lack of little challenges and rewards that come from living abroad
Thailand - Chiang Mai
- Good all kinds of food except middle eastern
- Good weather
- Opportunity to learn another language
- Exposure to Asian cultures
- Extra time to focus on meditation
- Have to worry about visas, funds transfers, etc
- Degree doesn't receive the same reputation internationally
- Differenial treatment based on race
The result: Thailand. Exposure to Asian cultures were a big draw for me. Here I study with people from Thailand, Burma, China, Taiwan, Korea, Vietnam, The Philippines as well as varies western cultures. The language and cultural learning opportunities are easily the best of the three options. Apart from French cuisine, my food options are more varied here in Chiang Mai. I also have a lot more free time here as it is a small city and everything is close by. My main cost has been that the reputation of a degree from Thailand may be viewed negatively from some institutions.
Even though the curriculum is based on US standards and has significant worldwide links (over 50 MOUs), some organizations may assume the quality of education is lower. Seeing as the Korean government will only accept University degrees from English speaking countries (for English teaching visas) anyway, a degree from France would not have helped me either.
By settling on my studies in France or Australia, my opportunity cost would have been in the realm of AUD10,000 to 30,000 financially, the opportunity to interact with many Asian cultural groups, encounter languages on a daily basis and having a significant amount of free time.
Studying in Thailand, my opportunity cost has been giving up on high quality French food and lifestyle (except for a small crappy studio I would probably be living in) and government support for my studies. In addition I have found that the average student age here is much younger, leading me to feel older.
But in hindsight, giving up food and ease of living (without visa hassles, cultural differences, etc) is a bargain, compared to having many hours more per week to myself, daily interaction with over a dozen cultures and an extra AUD30,000 in the bank account.
