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Hi Bong.  Thanks for your comment and for reaching out.  Higher education is certainly growing and the demand is tremendous.  Clearly, unemployment is a concern in some countries, and for the individual affected it is devastating.  However, for most graduates unemployment is a temporary phenomenon.  In the long run, having the higher education degree is a positive outcome and graduates do much better than those who did not go to university.
In our analysis, we do not control for unemployment, since we are simulating a lifetime earnings profile albeit based on a cross-section of the population.   Nevertheless, at the individual level, periods of unemployment will reduce lifetime earnings.  There is great variation in earnings of university graduates.  Attempts to “control” for unemployment should be included alongside the addition of other benefits of higher education.  We will address some of these issues in future blogs.
Thanks!