The Effect of Schooling on Earnings

There's no doubt it has an impact. I think people even without economics degrees believe it and believe it before we quantified it. The fact that it has led to billions of dollars being spent on schooling in poor countries with no impact is a tragic. Why do you think they're not convinced? And do you think that will change over the next 20, 30 years as the next generation of graduate students comes out? But I guess with all due respect to Leamer and Sims, I'm not too concerned with whether they're convinced. Mostly harmless econometrics. It's sold about 50,000 copies. This is a graduate textbook in a specialized field. It's widely cited.