Rising education levels lead to increased wage inequality and job insecurity.
The article shows that when there are more highly educated workers available, all workers' wages go down in the short term. This decrease is bigger for less educated workers, making wage inequality worse. In the long term, having more educated workers makes companies invest more in equipment. This leads to higher wages for highly educated workers, but lower wages for less educated workers. This pattern matches what happened in the U.S. in the 70s and 80s. In Europe, differences in job security laws explain why wages changed differently.