In this article, we propose the hypothesis that “the Learning society” is more a political slogan and prospect than a social reality (In France, as in most OECD countries, public investment in formal education and training has actually decreased since the OECD started talking about lifelong learning). And there is no agreement as to what a future “learning society” should be. Firstly, the framework of knowledge economy has not yet been defined and analysts remain divided on the issue: is it (or will be) an extension of a deregulated, market economy and society, or a more regulated capitalist economy? Should knowledge be considered as a public good or as a marketable one (section 1). Secondly, the consequences of the resulting economic changes for workers and for citizens are unclear. Although most studies acknowledge the development of new (net) work organizations, of new skill requirements and of new opportunities for learning, some studies also emphasize new risks of economic and social exclusion (section 2). And the French specificities are particularly marked in terms of education and lifelong learning strategies. (section 3). Although lifelong learning strategies are sometimes explicitly (but more often implicitly) related to the prospect of a Knowledge Economy, part of the debate is purely endogenous to the educational sphere and initial education and further education remain separated.