Friday, October 31, 2003

Unambiguous results of college education 

Joanne Jacobs runs through the usual lament that the payoff to college education isn't what it used to be. Of course not. You increase the supply of college graduates "in Ambiguous Studies from Pass Through U" and you are bound to decrease the wage differential for a four-year degree. Less-glamorous vo-tech courses that teach specific skills still return about the same premium ($1905/yr, according to the College Board.) My question: To what extent is this because of choices of majors vs. a general glut of college graduates in all fields?