So one important fact is that most of the knowledge taught in school is not directly useful. Combine this with the fact that transfer of learning is almost nonexistent (e.g. http://amzn.to/2hExO6u ) and you discover that most education is wasted.
There is extensive evidence of a sheepskin effect, and most studies of educational effectiveness are consistent with signalling theories and ability bias (more able individuals get educated).
There is likely to be some benefit to education, but it's far less than what politicians currently believe and what current policies are predicated on.
There is extensive evidence of a sheepskin effect, and most studies of educational effectiveness are consistent with signalling theories and ability bias (more able individuals get educated).
https://www.nas.org/articles/The_Sheepskin_Effect
There is likely to be some benefit to education, but it's far less than what politicians currently believe and what current policies are predicated on.