Producing high-quality products incurs higher costs but provides greater consumption benefits, placing a challenge in measuring firm capability when output quality differs. Using a unique panel that contains a direct measure of scientific output quality, we introduce a quality-adjusted...

The role of improved schooling, a central part of most development strategies, has become controversial because expansion of school attainment has not guaranteed improved economic conditions. This paper reviews the role of education in promoting economic well-being, focusing on the role of...