Is work experience more valuable than higher education?

I put it in this way: A degree is a qualification which makes a person to an expert in a certain special field - in theory at least. But a theory is not enough in my opinion to manage or to perform well in a job. Experience is very valuable in my point of view, as experience gives you an impression of the every day life and an insight into the circumstances. Moreover experience enables to make and to learn from mistakes in a job, plus experience gives a feeling how to work together.

From this point of view a degree which contains too much theory lessons is too little, that's why experience should be more appreciated than a degree alone. Degrees which consist of too much theory lessons should be more connected with experiences to get professional practice.