Your argument is absurd. You're implying the job market for university educated workers is perfectly inelastic and each successive degree holder produces no ex

Your argument is absurd. You're implying the job market for university educated workers is perfectly inelastic and each successive degree holder produces no extra value on the margin. Moreover, you make the baseless assumption that competition amongst more candidates for skilled work produces no further value-- in other words, every worker is just as skilled. There are many more plausible reasons that don't have to invoke such strong assumptions on the education and skilled workforce markets. Cultural, social and political differences, a lower population density et al.