Underemployment is the focus of this transcript of a radio series published as an electronic weekly magazine concerned with issues in education. The first of a 2-part series, this program incorporates studio interviews with: James O'Toole of the Center for the Study of the Future; a ceramics college graduate working as a shipping clerk; various college students concerning their career expectations; Albert Sussman, the dean of a school of graduate studies; and a former member of the graduate student government. The concept of underemployment, job satisfaction, and attitudes and expectations about work are discussed. Attention is also given to the need for a revision in America's concepts of schooling and jobs, and the prospects of Ph.D. candidates facing underemployment. (TA)