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It depends on what that population does with their education. If everyone takes a decade to study whatever tickles their fancy I suspect our productivity will drop significantly.

I am one of these people.

Now put up the list of people who didn't have a formal education and didn't achieve a damn thing.

This thread has generated some of the best discussion I've seen on here for a while. Lots of different views and not a hint of personal attack. Well done people! :)

The problem is that you are generalising. There is a big, big difference between walking out of uni with a Bachelor of Engineering and a Bachelor of Arts majoring in interpretive dance. Uni graduates with real, professional degrees easily outperform those who didn't go to uni on average...

I completely disagree with bagging uni out of principle. University played a large part in helping me get to where I have financially. It's worth remembering that although not all uni graduates go on to do well financially, they still outperform (on average) those with no formal tertiary...