The Importance of Education in the Economy

A few people with highly specialized skills can create a lot of value in an economy but we still need more people in normal jobs. Even as people are more skilled than ever major economies around the world are dealing with skills shortages because nobody is getting educated to fill roles that are really in demand. In many countries that's leading to unusual results where people with advanced degrees are earning less than people with a basic trade skill. All other things been equal that shouldn't be the case because it's harder to qualify for a job that requires an advanced degree. Eventually an additional unit or additional person who is a researcher is going to have less value than someone who can build a house, farm food or even just