As is well known, higher education has a threefold nature. The first side is the relation between education and individual welfare: from a statistical point of view, high levels of education are positively correlated with a higher probability of employment, higher expected wage and even a higher life expectancy. The second side is the "public good" nature of higher-education. If the average level of education is high, even lesser-educated people can gain advantage (e.g. if the average level of education of medical doctors increases, the life expectancy of the majority of the people also increases).