Why We Need More and Cheaper Public Higher Education: "
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A world in which we had kept on upgrading the educational attainment of our citizens at the pre-1950 cohort pace would be a world with (a) fewer less-educated Americans, (b) more educated Americans, (c) higher wages for less-educated Americans, (d) higher labor force participation and employment for less-educated Americans, (e) lower salaries for more-educated Americans.
Or so Goldin and Katz argue, and I think they are right.
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