This paper tests the hypothesis that in a market economy investment in physical capital follows investment in schooling. It presents empirical evidence that in periods since the 19th century when global financial capital was widely available, increases in each nation's physical capital stock and...

U.S. students in different ethnic groups have very different average scores on the PISA 2012 mathematics and reading tests, with Blacks and Hispanics showing negative gaps relative to White students and Asians showing a positive gap. I investigate whether a student's family characteristics or...