According to a recent report, college students spend less time studying and don't need to work as hard or learn as much to get an A in their courses compared to previous generations. Some professors lament that many young people are receiving college degrees without ever having learned basic writing and quantitative skills.

It would seem that having a college degree has become less special or elite in the job market. And yet while more colleges are granting degrees to less qualified graduates, the market value of a college degree is rising. How can you reconcile this puzzle?