An integrated approach for estimating the stock of human capital in the United States isdeveloped which eliminates well known problems associated with both the cost and income basedmethods currently in use. Historical information on the cost of the educational investment madein base entrants...

State and federal revenues fell well short of projections in 2002. While revenues normally turn down in a recession, those revenue shortfalls were much greater than would have been expected given how mild the 2001 recession turned out to be. This paper examines some of the reasons for the large...