A model is presented for the effects of compulsory high school attendance and the relationship between the percent completing high school and the benefits associated with high school completion. Some of the characteristics of this nation's educational system are discussed, and a normative principle is stated that those having a greater share of educational goods merit a greater share of non-educational social goods. The model assumes two categories of people: high school graduates with no further education and those who have not graduated. It further assumes a normal distribution of non-educational social benefits and a perfect biserial correlation between high school graduation and social benefits. The conclusion is reached that beyond a 75 percent high school completion ratio, it no longer pays to finish high school, but it is a serious social disaster not to do so. It is suggested that the present rate of 75 percent may be a natural point of stability. The possible effects of various educational policies are discussed in terms of the implications of this model. (Author/CTM)