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There is a logical explanation.
Today’s bachelor’s degree is the equivalent of a high school graduation certificate from fifty years ago, and today’s graduate degree falls short of a bachelor’s degree from a generation ago.This is an inevitable consequence of increasing the share of the population that attends college. In the sixties, 10% of American adults had college degrees. Since then that figure has more than tripled, to 34% today.
More education for more people is not a bad thing but it is necessarily constrained by the real world value to be gained from that additional education.
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