Actually ideally people with the most talent and interest in each field should perform and succeed most in that field. Also ideally everyone should have their basics taken care of and suffering should be minimized as much as possible.
Over all we are on the right track with our capitalist/welfare society. We only need to fine-tune it. This diploma thing is silly and almost seems like a farce. It will only make it harder for competent people to get into the positions that need them and entrepreneurs to create more positions. Without those requisites being met, how can we expect to provide a living to all of our society and alleviate suffering?
As I've said before, capitalist countries take care of the people who don't work. Communist countries tend to starve people.

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"Man lives in the sunlit world of that which he believes to be reality. But unseen by most is an underworld, a place that is just as real... but not as brightly lit... A DARK SIDE!"
-opening from Tales From the Darkside