Part I. The evolution of job readiness and credentialing in the United States. The college degree : false panacea or freighted promise? -- The arc to the "golden age" ... and emerging decline -- Part II. Innovation and the rise of competitive higher education alternatives. Competitive models :...

I generalize the canonical model--in which relative supply and demand for worker skills shape the skill premium--incorporating monopsony power, minimum wages, and unemployment. I estimate the extended canonical model using national data and, separately, state-level data. I show that...

We investigate the relative significance of differences in cognitive skills and discrimination in explaining racial/ethnic wage gaps. We show that cognitive test scores taken prior to entering the labor market are influenced by schooling. Adjusting the scores for racial/ethnic differences in...