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There has been enormous growth in English young people's participation in education over the last 20 years, and a commensurate growth in the number and perceived importance of formal diplomas. However, the growth has been uneven. Politicians have embraced a rather simple theory about the link between economic prosperity and education (and the formation of 'human capital'). As a result they have supported the creation of a large number of new vocational qualifications, and tried to encourage their uptake. The general population, however, has viewed these qualifications as the lemons of the diploma world; a view supported by evidence on earnings and employment, and the economic returns to different qualifications. Rather than taking vocational qualifications, young people and adults have enrolled for university courses in unprecedented numbers, transforming the higher education sector and the role of diplomas in the labour market. Although the 'diploma disease' has advanced with respect to numbers of diplomas, and pressure to stay in school, there is little evidence that this has reduced the quality of English education at school level. Moreover, changes in the world economy have reduced opportunities for unskilled workers in the UK, and suggest that longer schooling may be justified on economic grounds.