Making the successful transition to adulthood has become increasingly difficult for many young people in the United States, particularly for those without a college education. Those without a high school degree face even tougher prospects, with especially high unemployment rates and falling wages. A typical worker without a high school diploma…

Earning a college degree increases a person's life outcomes in income, employment, health, and quality of life. The average person with a bachelor's degree earns almost twice as much as a high school graduate and nearly triple that of someone who did not finish high school. The unemployment rate for people with bachelor's degrees is about…

This paper estimates changes in the effects of educational attainment and college quality on three cohorts of students observed during the 1970s, 1980s, and 1990s. Consistent with most of the prior literature, I find that educational attainment and college quality raise earnings, and the magnitudes of these effects have increased over time. The…