Why More Education Is Not Always Better | Economics Explained

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Education is rightly seen as one of the best ways to develop a country’s economy, as more productive workers can create better living standards for everyone. But is there a limit to the benefits of education and should countries be wary of this double-edged sword?

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Date: June 14, 2023

50 thoughts on “Why More Education Is Not Always Better | Economics Explained

  1. Being overeducated unemployed in not a crime since it is curse for young job aspirants who are living in countries with large population and limited jobs in the market.The education system,apart from being expensive,is built on premises of overloaded theoretical syllabus and too many exams in schools and colleges which promotes mugging over practical training something which needs to change in the increasingly AI driven world.If corporates could bin the pink slip system there would be lesser job cuts and instead focus on job creation & skill set training then the problem of educated unemployment is solved.

  2. Really, une cafe v. un chapeau? Must be an Aussie thing. Snark aside, this is an excellent presentation and worthy of much consideration. When will you do a video on the three handed economist?

  3. If the UK is over educated, why did it lose the Brexit referendum to a pack of transparent lies?
    If the US is over educated, why is it going to lose the 2024 Presidential Election to Donald Trump?

  4. Totally agree…

    I was in banking-finance for a few decades.

    When I first started, all but one person in the back office (processing trades with the counterparties of trades) had only high school or junior high school diploma.

    Since late 1990's, most doing the same jobs have uni degrees. Some have masters degree doing jobs a school leavers did only 40 years ago.

    And I doubt that these with uni degrees do actually a better job than their older colleagues that have no uni degree.

    By the time I was in my second half of the second decade in banking-finance, the jobs (number crunching) I had done with just an undergraduate degree were done mostly by those with masters or PhD. Still the same tasks and I didnt see any higher contributions from these more educated staff.

    Automation and AI and indeed digitalisation mean that many works could be done without much education or skills at all.

    Hence overeducation is already upon us. Frankly it is a waste in term of jobs.

    I also especially loathe the 'need' to have masters degree or higher to do jobs that, only a few decades ago required either an undergraduate or senior high school diploma.

    Teaching is one such. Ludicrous that to expect all teachers to have masters in Australia, it seems. Eg

    If masters degree materials could be taught and learned, they should be made available to undergraduate courses.

    One solution is following.

    Only allow top 25% (academically of high school leavers) to go to uni. The rest do technical skills training. And if after their technical skills training and gaining some working experiences, they can go to uni if they want to but they need to pay full fee. Naturally those that do uni first could opt to be trained with technical skills afterwards too.

    Lastly education by itself is great. But clearly most go to uni for job reasons. Hence let us not too be sentimental about uni education itself.

  5. Being well-educated is not a bad thing but that doesn't necessarily have to be formal education through university. In order to protect open, productive democracies, we need people who are good critical thinkers, who read and write well and understand complex concepts and who can spot and wade through the ever-increasing piles of bullshit presented to them on social media. We don't need everyone to go to college; only about 1/3rd of all Americans have at least a bachelors degree so it isn't as many people that have them as some people think there are.

    What we do need are people with degrees in professions that require degrees while everyone else learns trades or on-the-job skills (which employers have to be willing to take on the cost of training them for). I think we're starting to see things swinging back the other way with more people choosing not to go to college but that doesn't mean they should stop learning (real learning, not being fed lies through biased outlets). For that to happen, we need to value learning more than we currently do; blame schools all you like but they are just a reflection of what we value in society.

  6. A college degree just helps you land a good job with a salary and benefits…

    The University System is the only Monopoly left standing….

    There 's no such thing as over educated because people learn new things their entire lives…

    People can become over qualified if they have too many degrees…

    Where do you put a person with 4 Master Degrees?

    How can you even have a decent conversation with a person that has 2 PhDs?

  7. In developing countries skilled workers are paid peanuts so parents think getting a higher education is the best option to save yourself from poverty and struggle. However, even with a good degree, if you dont end up in a good job both the degrees owners and the skilled workers end up getting peanuts 😂 !
    The irony of the economy …

  8. We are not overeducated. We instead lack necessary skills that helps us to survive and prosper in society we live in. Education has failed us intentionally by design to best suite corporations needs.

  9. The more important financial knowledge is not being taught in formal education. Formal education is useless and only teach people how to be a life long wage slave and consumer. Achieving passive multiple income freedom is much better than slaving away at any low down or high up work for a living.

  10. Just because someone went to school and graduated doesn't mean they are educated. We have so many college graduates who cannot do simple math and don't know geography.

  11. The real problem is that no one remembers what they got educated about, and then go to industries that they are not qualified for because it isn't what they went to college for. Imagine being a middle manager at burger King with a biology degree. Yeah. That is the problem.

  12. In my opinion, one of the problems with college is people don’t go to college to do what they actually want to do they go in there for the money I always feel like this is why most people struggle out of college

  13. I got my BBA debt free, I’m doing better than most Americans because I have no loans to pay back – I refuse to take out a loan for a “masters” when I see those with one getting laid off left and right. I refuse to fall into this system’s game!!!!!!

  14. It occurred to me that if all the rackets and monopolies were gone, the economy would be reduced to everyone only having to work 10 hours a week to pay for all necessities. The artificial profits is what allows the rich to rake in the money, while at the same time providing them with a large pool of human labor that otherwise wouldn't even be available (because we can barely pay for necessities). I think I would include in this most sectors, health care, real estate and infrastructure, govt. The only exception may be cars, cars just are not cheap to make.

  15. this is really a stupid video no one in the world know that we are in a illesion of a electromagnetic field . then there is no one educated the world is full of ignorance

  16. this is really a stupid video no one in the world know that we are in a illusion of a electromagnetic field . then there is no one educated the world is full of ignorance

  17. It's a lot easier to control a society full of dumb people, who are each good at one individual task/job. Show me a society full of educated know-it-alls, and I'll show you a bunch of backed up toilets and potholes.

  18. Its simple economics. There's supply and demand to everything. More supply without a change in demand means the lower value of the supply. And In this highly educated society, there is definitely not enough demand to match the supply of college graduates. It's also why many, many college grads never end up with careers related to their majors.

  19. Some of the absolute dumbest and least capable individual colleagues I've ever worked with, have had higher degrees. Some of the absolute best ones have been people with a varied background and real world experience. I think academic training should be supplemental, not a requirement for work.

    Just look at Switzerland and their trainee system. We gotta stop with all this degree sickness.

  20. I think the system will correct itself. In the mid 2000s, there is a high demand for nurses from the Philippines but then there was too many of them by 2010 and most of them ended up jobless or work in call centers (foreign employers only hire nurses with hospital experience and fresh graduates can only have this experience if they work for free or even pay hospitals to work there) so the enrolment went down. Now, it is on the rise again because of strong demand from UK and Germany.

  21. At some point you're going to have to explain to people that without advanced skills you're not going to be middle class and, "not being middle class" is effectively a kind of, "being sentenced to a shorter life" and that without universities (and with universities) there isn't a known reliable means forward that would repeatably allow the larger mass of people to achieve upward social mobility.

  22. It is over – educated much at every corner in the world.
    We see top student working for poor educated. Top student are earning much less than the bad student in the eyes of teachers.

  23. Learning is always a good thing. But this modern system of education – going into school to learn something for years on end to come out with massive debt and work off anyway is insanity.

  24. More like too much education that has no economic value, a degree in Women studies will not lower healthcare cost, fix climate change or keep people from credit card debt

  25. Here in Indonesia we need master degree, able to master every single adobe program, have an experience fighting with the avengers during thanos invasion, able to master four elements, able to do multitask and need to be able to drive a truck while doing handstand with eyes closed while singing our national anthem for 34 hours straight just to get a job with 100USD wage monthly

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