This paper attempts to shed new light on the extent to which college education brings financial returns. It recognizes the existence of a number of variables that are likely to affect the financial returns that education produces for a given person -particularly the student's "ability" and...

John Hause's paper is addressed to the perplexing matters of how to disentangle the effects of ability and schooling on worker earnings, and of the effect of ability on earnings over a worker's lifetime.' His emphasis oil "ability" and schooling as determinants of earnings is surely not intended...