While a growing body of literature on education production looks at the impact school inputs have on academic achievement, virtually no research is examining the impact capital is having on academic achievement. In this study, the authors take an initial step towards that end. By using school districts' level of bond indebtedness as a proxy for capital, the authors find evidence that capital stock does affect academic achievement. In light of these findings along with the general lack of research on capital inputs, they conclude that capital expenditures should be given greater attention in future research.
Originally published in: Economics of Education Review, v. 20, no. 6, 2001, pp. 577-588.
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