The unemployment rate for college grads is about half what it is for those without a degree. All of the jobs growth that took place over the last decade has gone to those with a degree. College pays. Or as former Treasury secretary Larry Summers put it, "I think a college education is expensive, but it is very cheap compared to ignorance."

But there are always other sides to the story. Last month I sat down with Hoover Institute economist Russ Roberts, who gave a fascinating take on how the value of education has changed over the past few decades. Have a look:

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