How does education affect economic status?

Studies have shown that there is a inverse correlation between educational level and unemployment rate. For example, in 1992 (yes, that was a long time ago) the rate of unemployment for high schools drop out were at least 12% while the same rate for Masters and Dotoral degree earners were only 2%.

In addition, as the educational level you get improves, employers are more willing to pay a higher price (wage) to buy your skills and thus, improving your economic status.