What is taught, what is learned, and how they relate to graduate employment are examined in an effort to interpret the trend toward vocationalism within higher education institutions. It is suggested that tightening of the graduate labor market inaugurated an accelerating trend toward vocationalism that has contributed to a deterioration of academic values and a demoralization of college faculty. The teaching responsibilities of colleges are discussed and divided into general knowledge, disciplinary knowledge, and instrumental knowledge. Instrumental knowledge is described as practical or vocational instruction. A general trend away from disciplinary majors in favor of the instrumental subjects is discussed. The values and outcomes of general, disciplinary, and instrumental education are explored and it is concluded from the research that the large increase in instrumental graduates does not represent a better articulation of education and employment, nor does it constitute a productive social investment. Therefore it is suggested that the traditional mission of American undergraduate education--disinterested learning for cultural enrichment and intellectual development--now appears in danger of being displaced by vocational programs of dubious value. (Author/SF)