Economists who have studied the relationship between education and economic growth confirm what common sense suggests: The number of college degrees is not nearly as important as how well students develop cognitive skills, such as critical thinking and problem-solving ability.

Apart from finding a first job, college graduates seem to adapt more easily than those with only a high school degree as the economy evolves and labor-market needs change.

As countries embrace mass higher education, the cost of maintaining universities increases dramatically relative to an elite system.

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