In this study a model for the supply of college educated labor is developed from human capital theory. A demand model is added, derived from neoclassical production function theory. Empirical estimates are made for white males and white females, using cross-sectional data on states of the U.S., 1960-70. In human capital theory, education is an investment in future income streams. Measurements have been made of the monetary rate of return associated with college education. In this study the human capital model is extended by testing the investment theory of education as an ex ante behavioral theory. The results for white males support the investment theory of education. An increase in the benefit from college education increases the subsequent stock of college educated white males, and increase in the cost decreases it. Unlike males, the supply of college educated white females is not responsive to changes in their market benefit from college education. However, the male market benefit was a significant female supply determinant. (MJM)