A nontechnical essay explores the dimensions of the 1970's decline in the market for educated manpower, examines the likely causes of the sharp turnaround from previous boom conditions, and considers the possible period over which the market will remain depressed and the broad societal impacts of the decline in the economic value of college training. It deals only briefly with several related topics such as differences in the market for blacks and whites, men and women, and among various fields. It is concluded that, on the positive side, there may be a substantial decline in the formalistic use of schooling as a credentialing or screening device. On the negative side, the failure of relatively many educated persons to achieve their career goals, and the possible failure of others to find ways of improving their position outside the educational sector, could produce a disgruntled and discouraged attitude among a large share of the population,with potentially dangerous consequences. (Author/MSE)