In this chapter, I continue to address higher education. A key question is the role and function of higher education, especially the universities, in contemporary society. Is it primarily a vehicle for the improvement of knowledge and intellectual qualifications? Or is it about other issues? As hinted at in Chapter 4, there seems to be a lot of variation and a lot of shakiness concerning learning and improvement of cognitive capacities for all or the vast majority of students. A second key question is what the signifier ‘university’ means (in the context of education). Does it mean anything particular or is it just a label intended to trigger positive responses and then work as an umbrella for all kinds of activities? This raises the question as to what extent the entire sector in itself, rather than merely certain arrangements within higher education institutions, can be viewed as an illusion (i.e., not accomplishing what it increasingly claims that it represents and achieves). Higher education is perhaps better at producing degrees, documentation for CVs, and keeping young people out of unemployment for a few years than producing knowledge and people who are good at critical and abstract thinking, seeing patterns, and analysing problems. A third key question concerns the benefits of higher education for individuals. Do people, on the whole, gain from higher education and, if so, in what ways? This chapter is rather broad in scope. It starts with critically examining to what extent higher education—here,meaning primarily university education— leads to qualifications and whether an academic degree offers a clear message about the graduate’s ability. These questions are related to, and trigger further consideration of, inflation tendencies in the entire educational sector, but in particular in universities. One potentially significant and problematic outcome of the inflation is over-education; i.e., the number of graduates strongly exceeds the number of jobs for which their formal education and degrees indicate they are qualified. A heavily expanded, and often dominating, area of education is business and management studies. I give this sector some extra attention in the chapter, as it is my own sector.