Schools across the United States are facing budgetary pressures on a scale not seen in generations. Times of fiscal exigency force policymakers and education practitioners to pay more attention to the return on various categories of public investment in education. The sizes of the classes in which students are educated are often a focus of these…

Class-size reduction (CSR) mandates presuppose that resources provided to reduce class size will have a larger impact on student outcomes than resources that districts can spend as they see fit. I estimate the impact of Florida's statewide CSR policy by comparing the deviations from prior achievement trends in districts that were required to…