The fraction of U.S. college graduate women entering professional programs increased substantially just after 1970, and the age at first marriage among all U.S. college graduate women began to soar around the same year. We explore the relationship between these two changes and the diffusion of the birth control pill ("the pill") among young, unmarried college graduate women. Although the pill was approved in 1960 by the Food and Drug Administration and spread rapidly among married women, it did

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... not diffuse among young, single women until the late 1960s after state law changes reduced the age of majority and extended "mature minor" decisions. We present both descriptive time series and formal econometric evidence that exploit cross-state and cross-cohort variation in pill availability to young, unmarried women, establishing the "power of the pill" in lowering the costs of long-duration professional education for women and raising the age at first marriage. The careers of college graduate women and their age at first marriage both changed significantly in the United States with cohorts born around 1950. Women were 10 percent of first-year law students in 1970 We have benefited from conversations and communications with power of the pill 731 but were 36 percent in 1980. Among the cohort of female college graduates born in 1950, almost 50 percent married before age 23, but fewer than 30 percent did for those born in 1957. We ask whether the birth control pill and the legal environment that enabled young, unmarried women to obtain "the pill" altered women's career plans and their age at first marriage. Our answer is that they did. The pill directly lowered the costs of engaging in long-term career investments by giving women far greater certainty regarding the pregnancy consequences of sex. In the absence of an almost infallible contraceptive method, young women embarking on a lengthy professional education would have to pay the penalty of abstinence or cope with considerable uncertainty regarding pregnancy. 1 The pill had an indirect effect, as well, by reducing the marriage market cost to women who delayed marriage to pursue a career. With the advent of the pill, all individuals could delay marriage and not pay as large a penalty. The pill, by encouraging the delay of marriage, created a "thicker" marriage market for career women. Thus the pill may have enabled more women to opt for careers by indirectly lowering the cost of career investment. Our empirical argument relies on the timing of various changes and on formal econometric analyses of the age at first marriage and career change by taking advantage of the differential effect of legal changes by cohort and state. Legal changes by states lowered the age of majority and expanded the rights of minors in the late 1960s and early 1970s and, by doing so, facilitated the diffusion of the pill among young, single women. The first issue we explore is the diffusion of the pill among single women and the legal reasons for its delayed dissemination. We then formally model the potential effects of the pill on marriage and career. Next, we use cross-section data for 1971 to establish that the timing of the pill's diffusion among young, unmarried women was, at least in part, caused by legal changes in the age of majority and mature minor statutes. We then present both descriptive time series and formal econometric evidence showing the relationship between pill use, on the one hand, and the age at first marriage and career investment, on the other. Alternative explanations, including legalization of abortion, feminism, and antidiscrimination laws, are considered.