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The reality is that a fair bit of the earnings enhance supplied by a degree – we don’t understand how a lot – is prone to come from the truth that a graduate has, within the eyes of employers, jumped via a hoop in a world the place rising numbers of their friends are doing likewise. If everybody else going for that bar job has a degree, you’d better have one too. It’s changing into more frequent to have a level in jobs for which you would not have needed one 30 years ago. South Korea supplies a cautionary tale: 70% of the nation’s school-leavers go to college, but latest graduates are dealing with relatively excessive rates of unemployment , and it isn’t unparalleled to seek out graduates working as caretakers.

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