Examines the quantitative dimensions, causes, and consequences of the "new depression" in the college job market, explaining the downturn as slackened demand due to changes in industrial structure and growth of supply, and finding that the fraction of young men choosing college fell in the seventies in response to the market. (Editor/JT)

There is widespread concern that the United States faces a problem in maintaining its position as the scientific and technological leader in the world and that loss of leadership threatens future economic well-being and national security. Business, science, and education groups have issued reports that highlight the value to the country of…