As shown in Figure 7.8, the college wage premium declined in the 1970s. Using a supply-and-demand graph,
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As shown in Figure 7.8, the college wage premium declined in the 1970s. Using a supply-and-demand graph, explain why this decline might have occurred.
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FIGURE 7.8 College versus High School Wages and Employment Percent Percent 60 100 Fraction of hours worked by college-educated workers (left scale) 40 80 College wage premium (right scale) 20 60 40 1960 1970 1980 1990 2000 2010 Year Source: David H. Autor, "Skills, Education, and the Rise of Earnings Inequality among the "Other 99 Percent," Science, vol. 344, no. 6186 (May 23, 2014), pp. 843-51.
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