The economic position of college faculty, effects of declining faculty salaries, and different methods for comparing faculty earnings and those of other professions are considered in two papers. In "How Well are Faculty Paid? Implications of the Academic Reward Structure," Kristine E. Dillon and Robert H. Linnell consider the following problems associated with making an assessment of total faculty earnings: comparable bases of earnings, comparison across occupational groups, accurate measures of inflation, and appropriate compensation data. It is suggested that total income sources, including supplemental earnings and summer work, should be used in making occupational income comparisons. It is proposed that institutions need to devise reward systems that are year-round and account for multiple faculty income sources. In "The Economic Decline of the Professoriate in the 1970's: What Happened to Faculty Salaries and What Are the Implications?" Peggy Heim presents data on the economic position of faculty in the 1970s and discusses the implications of the erosion in faculty salaries for higher education as a whole, for the institutions, and for the people in them. It is suggested that one major effect of declining salaries relative to the general price level and relative to those of other professions is to discourage the entry of able people into college faculty positions. Additional outcomes are poor morale, moonlighting for supplemental earnings, and attempts to improve conditions through collective bargaining. (SW)