This is an outstanding, must-read article by the NYT. Check it out!
A Simple Equation: More Education = More Income – NYTimes.com.
Whilst, I agree with the broad thrust of the article, there are some omissions in my view.
Quality of education is critical. Graduates from third rate institutions will get left behind.
Secondly, education must be relevant. To take an extreme example. Singapore has an extremely high percentage of people with secondary and tertiary degrees, yet they have very little practical experience.
Thirdly, education must be relevant to demand. Getting an average pass from an average university in say law, will not equate to a startling career in law.
Fourthly, education must be tempered by mobility, and on the world stage, languages are critical. In my own career, languages were very often the deciding factor.