“Nothing In Life Is As Important As You Think It Is, While You Are Thinking About It”
Education is an important determinant of income — one of the most important — but it is less important than most people think. If everyone had the same education, the inequality of income would be reduced by less than 10%. When you focus on education you neglect the myriad other factors that determine income. The differences of income among people who have the same education are huge.
Recipient, Nobel Prize in Economics, 2002; Eugene Higgins Professor of Psychology; Author, Thinking Fast and Slow