The Economist offers some sharp questions about the worth of higher education to the students themselves (”Money Back,” June 21, 2003). For instance, could a university degree ever turn out to be not only worthless, but also show negative returns? Among other things, the mighty newspaper highlights some recent research findings reported in Labor Market Trends, a government publication. Those with degrees in law, mathematics, and economics can expect earnings around twenty-five percent above the average. Returns on other subjects are much lower. There is a ten percent premium on social studies. Education and languages have returns close to zero. And art degrees show negative returns. Further to my previous letter to The Jackdaw (No. 30, July-August 2003), closing many art schools and slashing the enrolment of the remaining ones is for the good of the aspiring artists themselves, not only those already holding art degrees.