It's basically hidden increase in standard of living - people used to join workforce at 18-19, now they do it a couple years later, after getting their degree.

It's basically hidden increase in standard of living - people used to join workforce at 18-19, now they do it a couple years later, after getting their degree. It means a couple years less of work and a couple more years of fun/partying. In the few countries (US, UK, anything else?) where Universities aren't nearly free, that's kind of a deal with the Devil (as J. Peterson called it), but everywhere else it's basically a free improvement in quality of life.