Have you ever skipped class before? Most college students have, and often with good reason. Maybe you overslept, maybe you had to study for an exam or maybe there was an all-day marathon of "Man vs. Wild" on the Discovery Channel that you simply could not tear yourself away from. Whatever your reason, you have probably had someone tell you that you are wasting money by not going to class. In fact, I once had someone tell me that "economically" it costs me $140 each time I don't go to class. Don't believe that logic for a minute.
While statements such as the ones above may be effective at guilting people into going to class, they are completely unsound from an economic viewpoint. This is because economists look at everything in long-term and short-term views. One thing they view in this manner is decision making. For example, a restaurant owner's long-term decision would be whether or not to open a restaurant, whereas her short-term decision would be whether or not to be open on a specific day. Likewise, when you decided to come to Dartmouth, you were making a long-term decision, whereas when you decide whether or not to go to class on a given day you are making a short-term decision. Keep this in mind, as the difference is important.
Another thing that economists look at in long-term and short-term views is cost. To continue the example of the restaurant, the long-term costs are expenses like the building and appliances. These are costs the owner incurs whether or not the restaurant is open. Short-term costs are things like employee wages and the cost of food. Because the long-term costs are unaffected by the decision to be open on a given day, as long as the restaurant can bring in more money on that day than it pays out in short-term costs, it makes sense for it to be open (and vice versa).
So what does this mean for the average college student? Consider your long-term costs, namely the $45,000 a year it costs to go here. This is the point at which the guilt-mongers will come in and tell you how astronomical the cost of Dartmouth is and that you should get your money's worth and go to class. Remember, though, that the decision of whether or not to go to class is a short-term one, and that long-term costs have no bearings on short-term decisions. Put differently, you (or more likely your parents) have already shelled out the $45,000 for the year, and that cost remains the same regardless of whether or not you go to class.
So what are the short-term costs of not going to class? They could be missing a great lecture or some important information or that really cute girl in the second row, sitting next to the weird guy who's always drinking milk out of a Nalgene. These costs are then weighed against the benefits you get out of not going to class. These benefits could include an extra hour and five minutes of sleep or beating the crowds at the Collis Cafe omelet line or not having to sit in class watching that guy drink milk out of a Nalgene. Thus, as long as the you value the short-term benefits of not going to class more than the short-term cost of not going, you are actually making a good economic decision in not going (and keep in mind this is not only an economic way of thinking, but rather the natural way all of us make decisions). Also, economically, it doesn't cost you any money not to go class because the (long-term) cost of tuition is irrelevant to the decision. This is due to the fact that the tuition is the same regardless of whether or not you go to class, and therefore is not included in the cost-benefit analysis.
So, the next time someone tells you it costs you money to miss class, just laugh at them, and the next time your econ professor asks you why you didn't come to class, just tell them you were simply practicing sound economic decision making.
