Edward Conard

Top Ten New York Times Bestselling Author

  • “…challenges misconceptions that distort our economic debates.” - Arthur Brooks, President of the American Enterprise Institute
  • “…a must-read for serious students of economic policy.” - Glenn Hubbard, Dean, Columbia Business School, and former Chairman of the Council of Economic Advisers
  • “…reminds us that inequality sends a signal of what society lacks most, in America’s case, entrepreneurship and risk taking.” - Lawrence Lindsey, CEO, The Lindsey Group, former Director of the National Economic Council
  • “Unintended Consequences provides a provocative interpretation of the causes of the global financial crisis and the policies needed to return to rapid growth. Whether you agree or not, this analysis is well worth reading.” - Nouriel Roubini, New York University; Chairman, Roubini Global Economics
  • “…serious thinking for serious thinkers. …a thought-provoking blueprint for growing middle- and working-class incomes.” - Mitt Romney, former Governor of Massachusetts
  • “…a fresh argument for the productive value of inequality.” - David Autor, Professor of Economics, Massachusetts Institute of Technology
  • “Unintended Consequences should be read by anyone who takes for granted the superiority of progressive taxation and has not thought carefully about the trade-offs involved.” - The New Republic
  • “…a comprehensive explanation of the modern economy.” - Julian Robertson, Founder, Tiger Management
  • “…reminds us that inequality sends a signal of what society lacks most, in America’s case, entrepreneurship and risk taking.” - Lawrence Lindsey, CEO, The Lindsey Group, former Director of the National Economic Council
  • “…serious thinking for serious thinkers. …a thought-provoking blueprint for growing middle- and working-class incomes.” - Mitt Romney, former Governor of Massachusetts
  • “Unintended Consequences is full of substance, it is one of the must-read books of the year, and once I finish it I will be giving it a second read through right away.” - Tyler Cowen, Professor, George Mason University
  • “Unintended Consequences is far smarter and more thought-provoking than most economics written for the general public” - Greg Mankiw, Harvard University, Former Chairman of the Council of Economic Advisors
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Not Good for Learning

David Leonhardt New York Times
Date Posted:
May 11, 2022
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@DLeonhardt, students who stayed home for most of 2020-21 school year on average lost about 50% of math learning, in person students lost 20% of math learning during same period.

The pandemic-induced shift to remote learning in 2020-21 led to significant educational setbacks, with students who stayed home losing about 50% of a typical school year's math learning, compared to a 20% loss for those attending in-person. This disparity highlights the inefficacy of remote learning and its role in exacerbating educational inequality, particularly affecting low-income, Black, and Latino students. The closures, more prevalent in high-poverty and urban schools, were a regressive policy, widening existing gaps. Despite $190bn allocated for educational recovery, concerns persist about the adequacy of catch-up efforts, as many schools may not be using funds effectively to address these losses.

Three times a year, millions of K-12 students in the U.S. take a test known as the MAP that measures their skills in math and reading. A team of researchers at Harvard’s Center for Education Policy Research have used the MAP’s results to study learning during a two-year period starting in the fall of 2019, before the pandemic began. The researchers broke the students into different groups based on how much time they had spent attending in-person school during 2020-21 — the academic year with the most variation in whether schools were open. On average, students who attended in-person school for nearly all of 2020-21 lost about 20 percent worth of a typical school year’s math learning during the study’s two-year window. Some of those losses stemmed from the time the students had spent learning remotely during the spring of 2020, when school buildings were almost universally closed. And some of the losses stemmed from the difficulties of in-person schooling during the pandemic, as families coped with disruption and illness. But students who stayed home for most of 2020-21 fared much worse. On average, they lost the equivalent of about 50 percent of a typical school year’s math learning during the study’s two-year window. Black and Latino students, fell further behind over the past two years, relative to students who are high-income, white or Asian.

David Leonhardt, ‘Not Good for Learning’, New York Times, May 5, 2022,
https://www.nytimes.com/2022/05/05/briefing/school-closures-covid-learning-loss.html

‘Not Good for Learning’

When Covid-19 began to sweep across the country in March 2020, schools in every state closed their doors. Remote instruction effectively became a national policy for the rest of that spring.

A few months later, however, school districts began to make different decisions about whether to reopen. Across much of the South and the Great Plains as well as some pockets of the Northeast, schools resumed in-person classes in the fall of 2020. Across much of the Northeast, Midwest and West Coast, school buildings stayed closed and classes remained online for months.

These differences created a huge experiment, testing how well remote learning worked during the pandemic. Academic researchers have since been studying the subject, and they have come to a consistent conclusion: Remote learning was a failure.

In today’s newsletter, I’ll cover that research as well as two related questions: How might the country help children make up the losses? And should schools have reopened earlier — or were the closures a crucial part of the country’s Covid response?

A generational loss

Three times a year, millions of K-12 students in the U.S. take a test known as the MAP that measures their skills in math and reading. A team of researchers at Harvard’s Center for Education Policy Research have used the MAP’s results to study learning during a two-year period starting in the fall of 2019, before the pandemic began.

The researchers broke the students into different groups based on how much time they had spent attending in-person school during 2020-21 — the academic year with the most variation in whether schools were open. On average, students who attended in-person school for nearly all of 2020-21 lost about 20 percent worth of a typical school year’s math learning during the study’s two-year window.

Some of those losses stemmed from the time the students had spent learning remotely during the spring of 2020, when school buildings were almost universally closed. And some of the losses stemmed from the difficulties of in-person schooling during the pandemic, as families coped with disruption and illness.

But students who stayed home for most of 2020-21 fared much worse. On average, they lost the equivalent of about 50 percent of a typical school year’s math learning during the study’s two-year window.

“We have seen from this recent study just how large the gaps are,” Roberto Rodríguez, an assistant secretary in President Biden’s Education Department, told me.

Not Good for Learning: Extended Excerpt Image 1


The findings are consistent with other studies. “It’s pretty clear that remote school was not good for learning,” said Emily Oster, a Brown University economist and the co-author of another such study. As Matthew Chingos, an Urban Institute expert, puts it: “Students learned less if their school was remote than they would have in person.”

One of the most alarming findings is that school closures widened both economic and racial inequality in learning. In Monday’s newsletter, I told you about how much progress K-12 education had made in the U.S. during the 1990s and early 2000s: Math and reading skills improved, especially for Black and Latino students.

The Covid closures have reversed much of that progress, at least for now. Low-income students, as well as Black and Latino students, fell further behind over the past two years, relative to students who are high-income, white or Asian. “This will probably be the largest increase in educational inequity in a generation,” Thomas Kane, an author of the Harvard study, told me.

There are two main reasons. First, schools with large numbers of poor students were more likely to go remote.

Not Good for Learning: Extended Excerpt Image 2


Why? Many of these schools are in major cities, which tend to be run by Democratic officials, and Republicans were generally quicker to reopen schools. High-poverty schools are also more likely to have unionized teachers, and some unions lobbied for remote schooling.

Second, low-income students tended to fare even worse when schools went remote. They may not have had reliable internet access, a quiet room in which to work or a parent who could take time off from work to help solve problems.

Not Good for Learning: Extended Excerpt Image 3


Together, these factors mean that school closures were what economists call a regressive policy, widening inequality by doing the most harm to groups that were already vulnerable.

A catch-up effort

Congress has tried to address the learning loss by allocating about $190 billion for schools in pandemic rescue bills. That amounts to more than $3,500 for the average K-12 student in public school.

Rodríguez, the Education Department official, said he was encouraged by how schools were using the money. One strategy with a documented track record is known as high-dosage tutoring, he noted. Sessions can involve three or four students, receiving at least a half-hour of targeted instruction a few times a week.

Kane is more worried about how schools are using the federal money. He thinks many are spending a significant chunk of it on nonacademic programs, like new technology. “I’m afraid that while school agencies are planning a range of activities for catch-up, their plans are just not commensurate with the losses,” he said.

By the time schools realize that many students remain far behind, the federal money may be gone.

What might have been

Were many of these problems avoidable? The evidence suggests that they were. Extended school closures appear to have done much more harm than good, and many school administrators probably could have recognized as much by the fall of 2020.

In places where schools reopened that summer and fall, the spread of Covid was not noticeably worse than in places where schools remained closed. Schools also reopened in parts of Europe without seeming to spark outbreaks.

In October 2020, Oster wrote a piece in The Atlantic headlined “Schools Aren’t Superspreaders,” and she told me this week that the evidence was pretty clear even earlier. By the fall of 2020, many people were no longer staying isolated in their homes, which meant that reopened schools did not create major new risks.

The Washington Post recently profiled a district in Colorado where schools reopened quickly, noting that no children were hospitalized and many thrived. “We wanted it to be as normal as possible,” Chris Taylor, the president of the school board, said.

Hundreds of other districts, especially in liberal communities, instead kept schools closed for a year or more. Officials said they were doing so to protect children and especially the most vulnerable children. The effect, however, was often the opposite.

Over the past two years, the U.S. has suffered two very different Covid problems. Many Americans have underreacted to the pandemic, refusing to take lifesaving vaccines. Many others have overreacted, overlooking the large and unequal costs of allowing Covid to dominate daily life for months on end.

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Previous articleMay 11, 2022Accounting for Demographics and Risk in Postcollege EarningsData from 444 public & 688 private colleges shows average median earnings 10 years post-enrollment vary notably across demographic groups. Black & Pell-eligible students are more prevalent in institutions with lower earnings.Next articleMay 11, 2022Is There a Racial Gap in School District Spending?Education spending racial disparity quantified: Districts serving Black students underfunded -$140/student vs white-majority districts. Fed study reveals persistent instructional resource gap.
Showing 82 database articles primarily about Test Scores

Standardized Test Scores and Academic Performance at a Public University System

Theodore Joyce, Mina Afrouzi Khosroshahi, Sarah Truelsch, Kerstin Gentsch, et al. National Bureau of Economic Research
Date Posted:
March 25, 2026
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SAT scores are known to be better predictors of college and post-college success in Ivy+ universities. By contrast, this study of a public urban university system with 11 colleges shows that for the 2010–2019 cohort, high school GPA strongly dominates SAT scores.

Many of the country’s most selective colleges have returned to requiring the SAT, based on evidence that the test not only predicts student success, but facilitates the identification of qualified applicants from disadvantaged backgrounds. The results from our study of a large public urban university system find the opposite: high school grades are a vastly superior predictor of student academic success than is the SAT. We undertake an exercise with binned scatter plots of six year graduation rates against HSGPA [High School Grade Point Average] stratified by URM [under-represented minority] and whether the student received the maximum Pell grant (Figures 1a and 1b). [Note that SAT is included in the regression so the monotonic linear effect of GDP remains after controlling for SAT score]. We find that URM are less likely to graduate in six years at every level of HSGPA than are non-URM. In contrast, we find no similar difference when we stratify the plot by whether the student received the max Pell grant or not, a strong proxy for a low-income household (Figure 1b). The clear takeaway from the analysis of the 2010-2019 cohorts is the dominance of HSGPA in predicting student academic success. The results are in direct contrast to recent high-profile analyses of students from Ivy-plus colleges that demonstrated the superiority of SAT over HSGPA in predicting not only first-year academic outcomes, but post-college success as well.

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  • Diversifying Society’s Leaders? The Determinants and Causal Effects of Admission to Highly Selective Private Colleges — .@OppInsights finds that the “Ivy-Plus” (Ivy League, plus UChicago, Duke, MIT, Stanford) admit students from the highest income families scoring in the top 1%…
  • Military Officer Quality in the All-Volunteer Force — A sharp and steady decline in the GCT scores of Marine Corps officers occurred btw 1980 and 2014. 96% of this is explained by the widening (and weakening) of…
  • Do Adults Have the Skills They Need to Thrive in a Changing World? — The 2023 OECD Survey of Adult Skills reveals the US has ~ 3 low-scorers for every high-scorer. Germany has nearly 3X as many high-scorers per low-scorer as the…
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The Lost Generation

Jacob Savage Compact Magazine
Date Posted:
December 17, 2025
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Jacob Savage argues that the widespread discrimination against young white men in “high-status” sectors such as media and tech during the 2010s is a key driver of contemporary political dynamics among young men.

Jacob Savage argues that the widespread discrimination against young white men in “high-status” sectors such as media and...
In 2011, the year I moved to Los Angeles, white men were 48% of lower-level TV writers; by 2024, they accounted for just 11.9%. The Atlantic’s editorial staff went from 53% male and 89% white in 2013 to 36% male and 66% white in 2024. White men fell from 39% of tenure-track positions in the humanities at Harvard in 2014 to 18% in 2023. The white men shut out of the culture industries didn’t surge into other high-status fields. At Google, white men went from nearly half the workforce in 2014 to less than a third by 2024—a 34% decline. In 2014, at Amazon, entry-level “professionals”—college graduates just starting out—were 42.3% white male. These were the employees who, if they’d advanced normally over the next decade, would be the mid-level managers of today. But mid-level Amazon managers fell from 55.8% white male in 2014 to just 33.8% in 2024—a decline of nearly 40%. In retrospect, 2014 was the hinge, the year DEI became institutionalized across American life.

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  • Military Officer Quality in the All-Volunteer Force — A sharp and steady decline in the GCT scores of Marine Corps officers occurred btw 1980 and 2014. 96% of this is explained by the widening (and weakening) of…
  • US PISA Results By Subpopulation — Breaking down the 2022 PISA math results by subpopulation, @cremieuxrecueil finds that US Asians and whites topped the charts, scoring on par with top…
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Twelfth-Grade Math and Reading Scores in U.S. Hit New Low

Matt Barnum Wall Street Journal
Date Posted:
September 9, 2025
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New National Assessment of Educational Progress results show the share of American high school seniors who scored basic or above on national tests fell to the lowest level on record: 68% in reading and 55% in math.

American high-school seniors’ scores on major math and reading tests fell to their lowest levels on record, according to results released Tuesday by the U.S. Education Department. Twelfth-graders’ average math score was the worst since the current test began in 2005, and reading was below any point since that assessment started in 1992. The share of 12th-graders who were proficient slid by 2 percentage points between 2019 and 2024—to 35% in reading and 22% in math. The results are from tests that are part of the National Assessment of Educational Progress, administered to tens of thousands of students in early 2024. In reading, two-thirds of seniors could determine the purpose of a persuasive essay, but only one in five was able to draw a conclusion from such an essay, supported by the text. In math, 60% of students deduced the population of an area using information on size and density, while just under half correctly turned a real-world scenario into an algebraic expression.

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  • Many Children Left Behind: The 2024 National Assessment of Educational Progress Results Indicate a Five-Alarm Fire — The 2024 NAEP results show that 40% of fourth graders are “below basic” in reading proficiency, relative to 30% who are “at or above proficient.” 39% of…
  • Have Humans Passed Peak Brain Power? — Citing PISA results @jburnmurdoch notes the share of adults in high income countries who can not “use mathematical reasoning when reviewing and…
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Standardized Test Scores and Academic Performance at Ivy-Plus Colleges

John Friedman, Bruce Sacerdote, Douglas Staiger, and Michele Tine National Bureau of Economic Research
Date Posted:
March 18, 2025
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Students at Ivy-plus colleges whose SAT/ACT scores were at the 99th percentile had 1st-year college GPAs 0.43 points higher than those who had scored at the 75th percentile, while high school GPAs had little predictive power. @John_N_Friedman

We analyze admissions and transcript records for students at multiple Ivy-Plus colleges to study the relationship between standardized (SAT/ACT) test scores, high school GPA, and first-year college grades. Standardized test scores predict academic outcomes with a normalized slope four times greater than that from high school GPA, all conditional on students’ race, gender, and socioeconomic status. Standardized test scores do not underpredict college performance for students from less advantaged backgrounds. Collectively these results suggest that standardized test scores provide important information to measure applicants’ academic preparation that is not available elsewhere in the application file. While some of the raw correlation between these variables relates to students’ demographic characteristics, much remains even when controlling for these variables. In contrast, high school GPA does not predict academic performance nearly as well. We also find no evidence of bias against students from less advantaged backgrounds, as students from such backgrounds do not outperform (and in some cases underperform) other students with the same test score

Related Articles:

  • Diversifying Society’s Leaders? The Determinants and Causal Effects of Admission to Highly Selective Private Colleges — .@OppInsights finds that the “Ivy-Plus” (Ivy League, plus UChicago, Duke, MIT, Stanford) admit students from the highest income families scoring in the top 1%…
  • Standardized Test Scores and Academic Performance at Ivy-Plus Colleges — Students at Ivy-Plus colleges with 99th percentile SAT/ACT scores earned a first-year college GPA 0.43 points higher than students who scored at the 75th…
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Can Gifted Education Help Higher-Ability Boys from Disadvantaged Backgrounds?

David Card, Eric Chyn, and Laura Giuliano National Bureau of Economic Research
Date Posted:
February 21, 2025
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Card et al, find that the 25-30 percentage point college enrollment gap between disadvantaged boys and girls with IQs of ~116 closed among students who qualified for a “gifted” program. @EricChyn

We study the effects of being identified as gifted in elementary school on subsequent test scores, courses and grades, and on the probability of entering college, for disadvantaged children in a large urban school district (“the District”). The law specifies a threshold of 130 [IQ] points for non-disadvantaged students, but allows districts to select a lower “Plan B” threshold [116 pts] for FRL and ELL students. The strict IQ threshold for gifted status provides the basis for a regression discontinuity (RD) evaluation of the impacts of being identified as gifted. Figure 6 illustrates how these impacts affect gender gaps by presenting the estimated mean potential outcomes for the complying boys (left side) and complying girls (right side) using an 8-point bandwidth. The estimated college entry rate for male compliers who narrowly miss the gifted threshold is 46%; the 28 ppt treatment effect of passing the threshold raises this to 74%, which equals the rate for female compliers who narrowly miss the threshold - being identified as gifted raises the college entry rate of marginally eligible boys to the same rate as girls.

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  • Multidimensional Human Capital and the Wage Structure — The return to cognitive skills has declined since 2000 and there has been rising demand for “social skills.” “Jobs with the most employment and earnings growth…
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Covid Learning Losses

David Leonhardt New York Times
Date Posted:
February 12, 2025
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.@DLeonhardt reports a sharp partisan gap in learning loss: 8 of the 10 states with the biggest math declines since 2019 – likely due to prolonged school closures – voted Democratic, while 8 of the 10 smallest shortfalls voted Republican.

Many public schools in heavily Democratic areas stayed closed for almost a year — from the spring of 2020 until the spring of 2021. In some Republican areas, by contrast, schools remained closed for only the spring of 2020. Eight of the 10 states that have lost the most ground since 2019 voted Democratic in recent presidential elections. And eight of the 10 states with the smallest math shortfalls voted Republican. [Higher initial scores don’t] explain the post-pandemic patterns. For example, New Jersey (a blue state) and Utah (a red state) both had high math scores in 2019, but New Jersey has fared much worse since then.

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