When one is hiring someone for a job and they have succeeded in doing that job for many years, then probably experience is better than someone who just has a degree in the subject. However, the best thing is when someone with the right education has put in the years of experience because that is theoretical and practical.
Years of experience is more important than a level of education, because a person can use their parent's money or influence to go to a good school, even if they are not smart enough. A person with years of experience has learned how to do the job, and can deal with problems as they arise.
Education is an important means of attaining experience and knowledge in a field, but a person who has real world time spent on the job is going to be way ahead of just a college grad. They simply will be familiar with the job, know what to expect, and avoid the early training hiccups needed.
While many people say they love college graduates, many employers will not hire them if they have no experience They like experience because it saves them a lot of money in not having to train someone new. This way of thinking will catch up though, because there is going to be a lot of people retiring soon. Employers will have no one to fill the positions because they did not want to train anyone.
For years before education was a common thing we had people accomplishing work and life related tasks without ever attending a school. As humans we learn by doing, we adapt. We are constantly learning as we simply exist in our day to day lives. Just sitting through all of your classes does not make you prepared for everything the real world has to offer. We learn by doing more so than by seeing and hearing others do it.