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This document provides an interim evaluation of two years of comparative research work coordinated by CEDEFOP and undertaken at different times between 1975 and 1995, by six national teams in Germany, Spain, France, Italy, the Netherlands, and the United Kingdom. The central purpose was macro-economic or macro-social analysis of the consequences of investments in education on the job market and on the distribution of the workforce in the production system. The findings provide some insight into how the increasing number of individuals with qualifications are being distributed over the production infrastructure. A significant indication was that the distribution of individuals with diplomas in occupations was not explained by occupational needs but by the availability of an increasing number of individuals with diplomas on the labour market. The implications of a predominance of an effect of supply for trends in continuing training activities and the future development of training systems are raised.