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- [Narrator] The path from cause
to effect is dark and dangerous.
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But the weapons
of Econometrics are strong.
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[Attack] with fierce
and flexible instrumental variables
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when nature blesses you
with fortuitous random assignment.
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[gong rings]
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Randomized trials are the surest
path to ceteris parabus comparisons.
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Alas, this powerful tool
is often unavailable.
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But sometimes, randomization
happens by accident.
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That's when we turn
to instrumental variables,
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IV for short.
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- [Voice whispers] Instrumental
variables.
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- [Narrator] Today's lesson
is the first of two on IV.
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Our first IV lesson begins
with a story of schools.
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- [Josh] Charter schools
are public schools
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freed from daily district oversight
and teacher union contracts.
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The question of whether charters
boost achievement
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is one of the most important
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in the history
of American education reform.