It is often said that the Eurozone's unemployment problem arises from the fact that it is not an optimum currency area. But the real problem is Eurozone governance.
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Draghi's Jackson Hole speech is about the tragedy of long-term unemployment. He calls for fundamental reform of the Eurozone's institutional structure.
It's possible that a society of educated people is likely to be more cultured and scientific-minded than one of non-graduates, and this should have positive externalities in the form of better political discourse and higher culture. There is, however, little evidence of this in practice.
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