Reports on a study of data from the March 1980 Current Population Survey about the impact of the number of high school diplomas and their value in the labor market. Finds that, although traditional economic models suggest that a large number of diplomas diminishes their value, the queuing model shows that it could be an asset. (CFR)

This policy paper explores the nature and significance of human capital development. Its intended audience includes policymakers, students and researchers, and citizens who bear the ultimate responsibility for public policy. An introductory section defines human capital broadly to include all productive capacities acquired at some cost and…