The value of great leaders seems to be an unquestioned assumption. The goal of this Element is to explore the counterintuitive idea that great leaders can pose a hazard to themselves and their followers. Great leadership, which accomplishes morally commendable and difficult objectives by leaders...

Data on brothers and on fathers and sons from the National Longitudinal Survey are used to consider the impact of omitted variables and measurement errors on the economic returns to schooling. The analysis suggests that the upward bias in estimated returns due to omitted variables is likely...

We use data from the 1993 and 1998 National Surveys of Small Business Finances to examine the existence of racial discrimination in the small-business credit market. We conduct an econometric analysis of loan outcomes by race and find that black-owned small businesses are about twice as likely...

I use data from Williams College to implement a quasi-experimental empirical strategy aimed at measuring peer effects in academic outcomes. In particular, I use data on individual students' grades, their SAT scores, and the SAT scores of their roommates. I argue that first-year roommates are...