I wouldn't say the issue is that governments have overestimated the economic returns of higher education, I would say the issue is that companies have collectiv

I wouldn't say the issue is that governments have overestimated the economic returns of higher education, I would say the issue is that companies have collectively underestimated the value of apprenticeships. If the strongest possible economy is the one where the highest proportion of citizens are making the most of their individual talents, apprenticeships seem like a better fit than university for many professions, as they let the apprentices learn a trade directly, which either results in them finding a job they're good at or in finding out early that it isn't the path for them. Studying at a university has other benefits outside the job market, and I would still want anyone who wanted to go to have the opportunity to do so (by making it more affordable), but if the only reason that some people (not all) are going to university is to land a decently paid job, then let's just cut out the middle man and let people learn whilst they work. This has benefits for companies too, as they get a larger pool of potential employees to work with, which ultimately keeps wages lower in the long run, and I'd also suggest that apprentice schemes help build loyalty, which should result in reduced disruption to business operations (compared to companies that struggle to retain their staff).