This paper estimates changes in the rate of return to education in Sweden between 1968 and 1991. Both the 'quantity' (years of schooling completed) and 'quality' (highest qualification obtained) dimensions of education are considered. Adopting a human capital approach, the rate of return is measured in terms of differences in wage rates associated with differences in education. Both quadratic wage and cubic spline wage functions are estimated. The data used are from the 1968, 1981 and 1991 Swedish Level of Living Surveys.