Dennis Hoffman, director of the L. William Seidman Research Institute, shows that increasing the number of college graduates in the workforce will improve the economy, resulting in higher wages for all — including those without a bachelor’s degree — and more revenue in the state treasury.
Speaking at the monthly luncheon of the Economic Club of Phoenix, Hoffman said “In research we conducted over the last year at W. P. Carey, we pursued academic work from Enrico Moretti of University of California, Berkeley, who studied hundreds of metropolitan areas over decades. He found that if you attain higher labor force shares of college-degreed people, not only did the graduates get the benefits of those higher wages and the social outcomes, everybody’s wages went up.” His team used Moretti’s simulation to calculate the impact in Arizona. Dennis Hoffman’s slides
Experiment with the simulation tool used to calculate the impact.