Using the German ScoioEconomic Panel, analyzes initial wage levels based on school quality and training for two cohorts of nonuniversity young adults, 1984 versus 1994. Finds, for example, that for the 1994 cohort, formal vocational certification is an important predictor of higher initial wages for both high- and low-quality school tracks.…

Investigates whether structural changes in the U.S. labor market affected the rewards and penalties associated with having too much or too little schooling for a job. Applies U.S. results to Germany's more structured ambience. In all cases, productivity and wages were affected by workers' education levels. (Contains 34 references.) (MLH)