The opinions and conclusions are solely those of the author. I grateful to Orley Ashenfelter, David Autor, Hank Farber, Lawrence Katz, Lisa Kahn, Jeffery Kling, Steve Levitt, Alex Mas, Cecilia Rouse, Philipp Schnabl and participants at the Industrial Relation's labor lunch for numerous insightful suggestions. I would also like to thank Frank Zimring and the California Bureau of Criminal Information for generous assistance with data sources. I am grateful to the Princeton Industrial Relation Section, the Woodrow Wilson Society of Fellows, and the Robert Wood Johnson Foundation for financial support. Any remaining errors are entirely my own. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.