Paul E. Peterson

Ludger Woessmann

Leading researchers from the United States and Europe report on new findings on the effect of education on equal opportunity, using economic and statistical techniques to assess the results of education policy reform in countries including the United States, Britain, Sweden, Germany, and Italy. Much educational research today is focused on assessing reforms that are intended to create equal opportunity for all students. Many current policies aim at concentrating extra resources on the disadvantaged. The state-of-the-art research in Schools and the Equal Opportunity Problem suggests, however, that even sizeable differential spending on the disadvantaged will not yield an equality of results. In this CESifo volume, leading scholars from the United States and Europe use the tools of economics to assess the outcome of efforts to solve education's equal opportunity problem in a range of countries, including the United States, Britain, Germany, Sweden, and Italy. The evidence shows some routes for advancement--testing with high performance standards, for example, and well-designed school choice--but also raises considerable doubts about whether many current school policies are effective in dramatically altering the opportunity structure. The evidence presented also calls into question the idea that causal peer effects are very strong. The contributors examine such topics as the link between education and parental income, the problematic past research on peer effects, tracking, the distribution of educational outcomes, human capital policy aimed at disadvantaged students, and private/public school choice. The research suggests that achieving universal primary and secondary education is both urgently needed and feasible. Will the international community commit the necessary economic, human, and political resources? The challenge, say the editors, is "as inspiring and formidable... as any extraterrestrial adventures--and far more likely to enrich and improve life on earth."

Schools and the Equal Opportunity Problem

Bryan C. Hassel

While educators, parents and policymakers are still debating the pros and cons of school choice, it is now possible to learn from choice experiments in public, private, and charter schools across the country. This book examines the evidence from these early school choice programs and looks at the larger implications of choice and competition in education. Paul Peterson makes a strong case for school choice in central cities, and coeditor Bryan Hassel offers the case for charter schools. John E. Brandl offers his vision of school governance in the next century. The book's other contributors--economists, political scientists, and education specialists--provide case studies of the experience with voucher programs in Indianapolis, San Antonio, Cleveland, and Milwaukee; survey charter schools; analyze public school choice; discuss constitutional issues; and study the effects of private education on democratic values. Contributors include David J. Armor, George Mason University; Chester E. Finn Jr. and Bruno V. Manno, Hudson Institute; Caroline M. Hoxby, Harvard University; Brett M. Peiser, Partnerships in Learning; and Joseph P. Viteritti, New York University.

Learning from School Choice

Michael W. McConnell

This book explores the application of Scalia’s textualism and originalism to education law and reflects upon Scalia’s teachings and his pedagogy. Education law may seem to be an odd vehicle for considering Scalia’s constitutional approach, but thinking about schools requires attention to political fundamentals—freedom of speech, free exercise of religion, equality of opportunity, federalism, and the proper role of the expert. Legal scholars, philosophers, and political scientists provide both critiques and apologies for Scalia’s approach.

Essays on Law and Education

Scalia’s Constitution

Susan E. Mayer

The essays in this book report estimates of the effects of learning on earnings and other life outcomes. They also examine whether particular aspects of schooling--such as the age at which children begin school, classroom size, and curriculum--or structural reform--such as national or statewide examinations or school choice--affect learning.

How Schools Matter

Earning and Learning

Morris P. Fiorina

Henry Lee Shattuck Professor of Government Paul E Peterson

Examination Copy

The New American Democracy

John W. Labuszewski

John E. Nyhoff

CME Group

Richard Co

Praise for The CME Group Risk Management Handbook "Wow! The CME Group Risk Management Handbook is a 'ten strike' and long overdue. A must-read and reference for the risk management industry!" —Jack Sandner, retired chairman of CME Group, member of the Executive Committee "This is a powerful book for its integration of futures and options markets with an understanding of the whole economy. It is an eye-opener to see how central these markets are to our economic lives." —Robert J. Shiller, Okun Professor of Economics, Yale University; Chief Economist, MacroMarkets LLC "Risk management is essential to successful investing, and The CME Group Risk Management Handbook provides the essentials for understanding risk management. In the wake of the financial turmoil of the last few years, managing risk should be part of any investment program. Among the key elements of risk management are stock index, bond, currency, and commodity futures as well as a growing number of futures, options, swaps, and other financial instruments built on indices tracking housing prices, weather conditions, and the economy. The CME Group Risk Management Handbook offers a comprehensive guide for using all of these to better manage financial risks." —David M. Blitzer, PhD, Managing Director and Chairman of the Index Committee, S&P Indices "Dare we ignore the advice of a financial institution, the largest of its kind in the world, that navigated the recent financial crisis without the aid of a single TARP dollar or access to the Fed's cheap loans? For CME Group, risk management has meant risk minimization as it enters its 151st year of life and its 85th year of central counterparty clearing without a single trading debt unpaid. It has been, and continues to be, a leader by example." —Philip McBride Johnson, former CFTC chairman "For the first time, a comprehensive handbook outlining the futures market in today's world is available. The CME Group Risk Management Handbook covers futures basics for the novice trader, while the veterans will benefit from an in-depth look at options and hedging. This handbook is a necessity for any professional, investor, or other market participant seeking to manage risk in the perpetually changing futures market." —H. Jack Bouroudjian, CEO, Index Futures Group

Products and Applications

The CME Group Risk Management Handbook

Mark C. Rom

"The best way of handling the question of how much to give the poor, politicians have discovered, is to avoid doing anything about it at all," note Paul Peterson and Mark Rom. The issue of the minimum people need in order to live decently is so difficult that Congress has left this crucial question to the states—even though the federal government foots three-fourths of the bill for about 15 million Americans who receive cash and food stamp benefits. The states differ widely in their assessment of what a family needs to meet a reasonable standard of living, and the interstate differences in welfare benefits cannot be explained by variations in wage levels or costs of living. The states with higher welfare benefits act as magnets by attracting or retaining poor people. In the competition to avoid becoming welfare havens, states have cut welfare benefits in real dollars by more than one-third since 1970. The authors propose the establishment of a minimum federal welfare standard, which would both reduce the interstate variation in welfare benefits and stem their overall decline. Peterson and Rom develop their argument in four steps. First they show how the politics of welfare magnets works in a case study of policymaking in Wisconsin. Second, they present their analysis of the overall magnet effect in American state politics, finding evidence that states with high welfare benefits experiencing disproportionate growth in their poverty rates make deeper welfare cuts. Third, they describe the process by which the current system came into being, identifying the reform efforts and political crises that have contributed to the centralization of welfare policy as well as the regional, partisan, and group interests that have resisted these changes. Finally, the authors propose a practical step that can go a long way toward achieving a national welfare standard; then assess it's cost, benefits, and political feasibility.

A New Case for a National Standard

Welfare Magnets

Frederick R. Strobel

Wallace C. Peterson

Christoph Strobel

Discusses how the distribution of America's wealth is causing a decline in the middle class and an increase in the lower class, and suggest changes in policy which can offer possible solutions for the future

Rebuilding the American Middle Class

The Coming Class War and how to Avoid it

Eric A. Hanushek

A Global View of the American School

Endangering Prosperity

David Greenstone

In this penetrating book, the authors provide a systematic empirical analysis of an important public policy issue—citizen participation in the Community Action Program of the Johnson administration's "War on Poverty." This Phoenix edition includes a new introduction in which the authors explicate the most important themes in their analysis. In a series of lively chapters, Greenstone and Peterson show how the coalitions that formed around the community action question developed not out of electoral or organizational interests alone but were strongly influenced by prevailing conceptions of the nature of authority in America. The book stresses the way in which both machine and reform structures affected the ability of minority groups to organize effectively and to form alliances in urban politics. It considers the wide-ranging critiques made of the Community Action Program by conservative, liberal, and radical analysts and finds that all of them fail to appreciate the significance and intensity of the racial cleavage in American politics.

Community Relations and the War on Poverty

Race and Authority in Urban Politics

Education is one of the largest sectors of the U.S. economy--yet scholars, educators, policymakers, and parents do not agree about what the money spent on education really buys. In particular, they do not agree on how much education improves children's ability to learn or whether the things children learn in school truly improve their chances for success as adults. If schooling increases how much students know and what they know does pay off later, then it is important to ask what schools can do to increase students' learning and earning. The essays in this book report estimates of the effects of learning on earnings and other life outcomes. They also examine whether particular aspects of schooling--such as the age at which children begin school, classroom size, and curriculum--or structural reform--such as national or statewide examinations or school choice--affect learning. Taken together, their findings suggest that liberals are correct in saying that more investment is needed in early education, that class sizes should be further reduced, and that challenging national or state standards should be established. But they also provide support for conservatives who ask for a more demanding curriculum and greater school choice. Contributors include John Bishop, Eric Hanushek, James Heckman, Christopher Jencks, Caroline Minter Hoxby, Fred Mosteller, and Christopher Winship.

Paul E. Peterson

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