All of our choices and all that sets us apart are governed by what we can do, what we want to do, and what we know. This dissertation aims to quantify two of these channels to better understand why we differ. The first two chapters focus on what we know and how it shapes societal gaps. The first chapter attacks the question of how much of the gap…

Using data collected from more than 5.8 million high school and college graduates ages 18 to 65 years who participated in the American Community Survey between 2009 and 2021, the authors estimate the internal rates of return (IRRs) for individuals with college degrees in 10 broad majors compared with high school graduates. The analysis shows…

Recent higher education accountability policies and proposals have often linked programs' or institutions' federal aid access to students' postcompletion earnings. But proposals differ regarding when to measure earnings. Policymakers may want to know how fast earnings typically grow and when in an individual's career earnings growth rates change.…