Edward Conard

Top Ten New York Times Bestselling Author

  • “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
  • “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
  • “…a comprehensive explanation of the modern economy.” - Julian Robertson, Founder, Tiger Management
  • “…challenges misconceptions that distort our economic debates.” - Arthur Brooks, President of the American Enterprise Institute
  • “…a fresh argument for the productive value of inequality.” - David Autor, Professor of Economics, Massachusetts Institute of Technology
  • “…a very valuable contribution.” - Larry Summers, former Secretary of the Treasury and director of the National Economic Council, president emeritus, Harvard University
  • “…a must-read for serious students of economic policy.” - Glenn Hubbard, Dean, Columbia Business School, and former Chairman of the Council of Economic Advisers
  • “A full-throated defense of economic dynamism.” - The Wall Street Journal
  • “Unintended Consequences represents the most cogent and persuasive analysis of the Financial Crisis to date.” - Andrei Shleifer, 1999 John Bates Clark Medal Winner
  • “…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 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
  • “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
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The Problem with a 90 Graduation Rate

Nat Malkus Real Clear Education
Date Posted:
June 20, 2019
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Focusing on a 90% graduation rate risks overshadowing marginal students, who need more resources & attention. Btw 2011 & 2017, 28 states saw fewer students reach Basic in reading, & 44 in math. @NatMalkus

Focusing on a 90% graduation rate risks overshadowing marginal students, who need more resources & attention. Btw 2011...
The pursuit of a 90% graduation rate risks overshadowing the needs of marginal students, who are crucial for genuine educational progress. Between 2011 and 2017, while most states increased the percentage of 8th graders meeting Proficiency, focusing on the Basic benchmark reveals a bleaker picture: 28 states saw fewer students reaching Basic in reading, and 44 in math. This suggests that graduation rate increases may not reflect true academic improvement. Marginal students, often in schools with low graduation rates, require more resources and attention. The report highlights concerns about graduation rate inflation, particularly through credit recovery programs, which can artificially boost rates without improving student preparedness. To truly enhance educational outcomes, efforts must prioritize equipping marginal students with skills necessary for postsecondary success, rather than merely achieving statistical targets.

“…Between 2011 and 2017, most states increased the percentage of 8th graders who met Proficiency. Only eight lost ground in reading, while 30 did so in math. However, if the SSII focused on the marginal students, using the more appropriate Basic benchmark, the picture looks bleaker. In reading, 28 states had fewer students reaching Basic, as did 44 in math. To the degree these 8th-grade tests reflect high school progress, using the “Basic” benchmark that focuses on marginal students makes the grad-rate increases look hollow….”

Nat Malkus, "The Problem with a 90% Graduation Rate,"Real Clear Education, June 19, 2019, https://www.realcleareducation.com/articles/2019/06/19/the_problem_with_a_90_graduation_rate_110337.html

The Problem with a 90% Graduation Rate

Last week, America’s Promise released its 2019 “Building a Grad Nation” report monitoring the nation’s progress toward a 90% public high school graduation rate. It celebrated the progress made between 2011 and 2017, wherein each year saw record graduation rates, and the percentage of non-graduates dropped by a quarter. It also implored greater focus, noting that to meet its goal by 2020, schools would have to double their rate of progress.

A 90% goal is nothing if not ambitious, as it would cut the percentage of non-graduates by more than half in ten years. America’s Promise wants more students—especially marginal students at the greatest risk of dropping out—to leave school “prepared to immediately enter postsecondary education or the workplace.” So do we all, but ambitious statistical targets like a 90% graduation rate, especially when sought quickly, are dangerous because they are as likely to produce empty victories as improved outcomes, especially for the marginal students the targets are purported to help.

One reason a 90% target is problematic is because all graduation requirements aren’t equal, and therefore, neither are graduation rates. Kentucky, the state with the 4th-highest grad rate in 2017, at 89.7 percent, is an excellent example. So close to the 90% goal, it may seem odd that Education Commissioner Wayne Lewis recently sought to toughen the state’s graduation requirements, which would inevitably send grad rates lower. The problem is that Kentucky’s graduation requirements are so weak that more than a third of graduates get a meaningless diploma, one that does not come with the “skills necessary to succeed in college or the workplace.” Lewis is rightly prepared to knowingly forego Kentucky’s enviable spot on the road to 90%, precisely because maintaining it would allow more, not fewer, graduates to leave school unprepared.

Of course, most states have more rigorous graduation requirements, and lower grad rates, than Kentucky, and I worry that these may be willing to lower the academic bar, especially for struggling students, to meet ambitious graduation rates targets. The authors of the America’s Promise report address this head on with a new Secondary School Improvement Index (SSII), which combines states’ increases on 8th-grade math and reading proficiency on the National Assessment of Educational Progress (NAEP) and Advanced Placement (AP) test passage, as a check on whether graduation rates are rising alongside—rather than in spite of—other indicators. They find little evidence “that increases in high school graduation rates have come at the expense of academic outcomes and levels of postsecondary preparation.”

Unfortunately, their conclusion is unconvincing. The SSII is rife with problems. The scores largely align with their grad-rate increases, with a moderate correlation of 0.6, but that is wholly because the grad-rate increases are part of the index. If the index took grad-rate growth out of its index, and compared it to just test scores and AP passage increases, the correlation would fall below 0.1.

Now, 8th-grade NAEP is a lousy indicator of high school quality, chosen more for its availability (12th-grade NAEP scores aren’t available at the state level) than its value. However, if America’s Promise had to use NAEP, the SSII should have used the percentage of students scoring above “Basic” (Proficiency is a relatively high standard), which is a score closer to the floor of graduation requirements in most states. In familiar terms, scoring Proficient on NAEP means you are at least a B+ student, not the marginal students we typically worry will drop out; scoring Basic means you are a solid C. And in the end, it’s the states that can push more marginal D students to solid C territory that will legitimately raise graduation rates.

Between 2011 and 2017, most states increased the percentage of 8th graders who met Proficiency. Only eight lost ground in reading, while 30 did so in math. However, if the SSII focused on the marginal students, using the more appropriate Basic benchmark, the picture looks bleaker. In reading, 28 states had fewer students reaching Basic, as did 44 in math. To the degree these 8th-grade tests reflect high school progress, using the “Basic” benchmark that focuses on marginal students makes the grad-rate increases look hollow.

Focusing attention on these marginal students is vital if we want to see higher graduation rates and more students prepared for the future. These marginal students need the most assistance, are the most expensive to educate, and are the most likely to see the bar lowered. What’s more, these students are clustered in a subset of high schools. The report notes that the 12% of high schools with extremely low graduation rates account for 30% of non-graduates. The bulk of the pressure to reach a 90% graduation rate, through legitimate or illegitimate means, falls on these students and schools.

To its credit, the report does flag concerns about graduation rate inflation, recommending that we “probe deeper on credit recovery programs”—accelerated make-up courses which have a long anecdotal record of abuses. That concern is appropriate, as schools with the highest credit recovery participation displayed an array of student disadvantages and poor student outcomes, but still managed to post higher average graduation rate increases than schools with less credit recovery, for four years running.

Despite this brief note of caution, the report’s hard push to increase graduation rates is problematic precisely because its SSII is such a halfhearted check on lowered expectations. On net, it pumps up pressure for better numbers, without serious attention to what those numbers mean. To get schools to graduate more prepared students, scorekeepers like America’s Promise need to put more earnest attention to how schools prepare more marginal students for life after high school, or they may meet their target without reaching their goal.

Ed Comment: Test scores of low scorers

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Previous articleJune 18, 2019The Politicization of University Schools of EducationA Analysis of syllabi from leading education schools reveals a significant left-leaning bias in assigned readings, with 33 mislabeled as scientific & 27 displaying explicit political intent.Next articleJune 24, 2019What If Colleges Used Only Test Scores to Fill Campuses?SAT-only college admissions impact: Median score +70pts to 1320. Black/Latino students -8pts to 11%, white +9pts to 75%. Top income quartile rises to 63% from 60%. Male enrollment +4pts to 54%
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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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…
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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

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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%…
  • 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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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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