“Are education interventions as cost effective as the top health interventions? Five separate lines of evidence for the income effects of better education [Founders Pledge]” by Vadim Albinsky

I would like to thank Lant Pritchett, David Roodman and Matt Lerner for their invaluable comments.You can follow these links to comments from Lant Pritchett and David Roodman.A number of EA forum posts (1, 2) have pointed out that effective altruism has not been interested in education interventions, whether that is measured by funding from GiveWell or Open Philanthropy, or writing by 80,000 hours. Based on brief conversations with people who have explored education at EA organizations and reading GiveWell’s report on the topic, I believe most of the reason for this comes down to two concerns about the existing evidence that drive very steep discounts to expected income effects of most interventions. The first of these is skepticism about the potential for years of schooling to drive income gains because the quasi-experimental evidence for these effects is not very robust. The second is the lack of RCT evidence linking specific interventions in low and middle income countries (LMICs) to income gains.I believe the first concern can be addressed by focusing on the evidence for the income gains from interventions that boost student achievement rather than the weaker evidence around interventions that increase years of schooling. The second concern can be addressed in the same way that GiveWell has addressed less-than-ideal evidence for income effects for their other interventions: looking broadly for evidence across the academic literature, and then applying a discount to the expected result based on the strength of the evidence. In this case that means including relevant studies outside of the LMIC context and those that examine country-level effects. I identify five separate lines of evidence that all find similar long-term income impacts of education interventions that boost test scores. None of these lines of evidence is strong on its own, with some suffering from weak evidence for causality, others from contexts different from those where the most cost-effective charities operate, and yet others from small sample sizes or the possibility of negative effects on non-program participants. However, by converging on similar estimates from a broader range of evidence than EA organizations have considered, the evidence becomes compelling. I will argue that the combined evidence for the income impacts of interventions that boost test scores is much stronger than the evidence GiveWell has used to value the income effects of fighting malaria, deworming, or making vaccines, vitamin A, and iodine more available. Even after applying very conservative discounts to expected effect sizes to account for the applicability of the evidence to potential funding opportunities, we find the best education interventions to be in the same range of cost-effectiveness as GiveWell’s top charities.The argument proceeds as follows:I. There are five separate lines of academic literature all pointing to income gains that are surprisingly clustered around the average value of 19% per standard deviation (SD) increase in test scores. They come to these estimates using widely varying levels of analysis and techniques, and between them address all of the major alternative explanations.       A. The most direct evidence for the likely impact of charities that [...] The original text contained 17 footnotes which were omitted from this narration. --- First published: July 13th, 2023 Source: https://forum.effectivealtruism.org/posts/8qXrou57tMGz8cWCL/are-education-interventions-as-cost-effective-as-the-top --- Narrated by TYPE III AUDIO.