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We find that *what* we spend money on matters a lot. Spending on HVAC and removal of dangerous materials (“safety/health”) increases test scores a lot, but not house prices. Spending on athletic facilities, instead, raises house prices but not test scores.

The impact of school capital investments on test scores and house prices depends on what projects are funded and on the characteristics of districts that receive the investments, from Barbara Biasi, Julien M. Lafortune, and David Schönholzer nber.org/papers/w32040

What Works and for Whom? Effectiveness and Efficiency of School Capital Investments across the U.S. | Barbara Biasi, Julien Lafortune, David Schönholzer #EconTwitter cesifo.org/en/publication…

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This nonsense keeps getting repeated. Countries use tariffs when they don't have more efficient tools of taxation, because all they can control and enforce is the border. Reliance on tariffs is the sign of being a developing country, not something that you aspire to.

80% of European cities changed hands at least once between 1000 and 1850. Changing hands too often could be devastating for a city’s population in the short term. But in the long run, cities that changed hands would increase in size by 20%.