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The truth is that a fair bit of the earnings increase supplied by a level – we don’t understand how much – is prone to come from the fact that a graduate has, within the eyes of employers, jumped by means of a hoop in a world the place growing numbers of their friends are doing likewise. If everyone else going for that bar job has a degree, you’d better have one too. It’s changing into extra widespread bid for papers to have a level in jobs for which you would not have needed one 30 years in the past. South Korea provides a cautionary story: 70% of the nation’s college-leavers go to school, but recent graduates are going through relatively high rates of unemployment , and it’s not unprecedented to search out graduates working as caretakers.

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