Does Ireland have the most educated bar staff and baristas in the world? The other night I got chatting to a young cocktail barman about obscure economic theory – Minsky’s “unstable equilibrium” to be precise.

Turns out, he has a master’s degree in macroeconomics and is churning out palomas quicker than our universities are churning out diplomas. Does it matter that this young lad is wildly over-qualified for the job or that the girl who served you a double espresso at your local cafe this morning has a double first from our top university? I think it does matter.

Today, Ireland has the most educated population in the European Union and has the second highest percentage of third-level education degree holders in the world. But nearly one in three degree holders work in jobs that do not require third-level education. Moreover, in a recent survey, the likelihood of Irish graduates working in high-status employment has fallen from 67 per cent in 2005 to 54.5 per cent in 2019.

If young people cannot secure jobs commensurate with their level of education, on top of the fact they are probably still living at home and can’t get homes commensurate with their expectations, their ambitions will be dashed, creating resentment.

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An underachieving, overeducated class who were brought up and educated to expect more than the economy can deliver, can become a frustrated and potentially volatile constituency, one that could eventually move to destroy the status quo. Modern........

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