Since 1980, inequality in the US has increased, to a large extent due to a widening gap be- tween the wage earned by workers with a college degree relative to those without a college degree—the skill premium. Somewhat surprisingly, this increase in the skill premium took place precisely at the same time as the US workforce was becoming more and more educated. Explain why this is surprising and provide one explanation for the observed increase in the skill premium observed since the 1980s.

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