This book presents a view of the operations of the labor market totally different from the conventional wisdom. The authors present data showing on one hand that jobs requiring a high level of education are increasing more slowly than those requiring somewhat fewer educational credentials. On the other hand, these jobs requiring less education are increasing faster than those requiring still less formal education. Additionally, Professors Pryor and Schaffer show how women are replacing men in jobs requiring higher levels of education. Using these insights the authors also explain why wages have become more unequal, why wages in those jobs requiring extra-high cognitive skills have risen and why all other wages have stagnated or fallen in the past quarter century.