Economy and its effect in education?

First of all, it depends what one calls "economy". Are you talking about small-scale economy or national economy?

Then be reminded that money is a way of getting good education : if the economy is all good , the country shall invest more easily in the younger generation : in France for example , there are 2 types of schools = Private schools and public schools , if economy is good then public schools shall be better and enable children an equally good education. If the economy is bad = only the rich people get good education that can be supplied with tutoring and academies (such as in Korea)
And depending wether the economy is going with the liberal or keynesian flow , education shall be different.
An other example of economy enabling good education is Denmark which pays its students to go to college that motivates them and helps denmark's' economy to grow as they shall have the smartest kids in a generation from now