"Well, yes, we would expect college grads to earn more simply because they have to pay back the extra schooling expense, the time and the money they spent going to school. So the issue is not whether college grads are going to earn more; the issue is how much more. And this is where there has been variation. Today, college grads on average earn about 65 percent more than high school grads. But that wasn't always the case. In 1980, the premium was 40 percent. In 1950, it was only 30 percent. On the other hand, in 1910 it was also 65 percent. So what's going on? Well, I think supply and demand. Recently the benefit to college has gone up because of changes in the economy. That's increased the demand for college workers. And, actually, the demand for college workers increased faster than the supply. Therefore, we've seen that increase in the college wage premium. But from 1910 to 1950, just the opposite was happening. The supply of college graduates was increasing faster than demand so the college pay premium was going down. So the point here is that how much more you earn by going to college isn't set in stone. It will vary over time."