In September I958, the Subcommittee on Stabilization of the Joint Committeeof the U.S. Congress distributed an Economic Policy Questionnaire among some I500 college and university economists. The replies on the 65 questionnaires which were returned have been tabulated and appear in a report which has recently become available. It is the purpose of this note to discuss some of the significant aspects of the questionnaire.

In his article, Exchange Rate Adjustment and Relative Size of the Depreciating Bloc, Professor Orcutt set out to attack the notion that by a large bloc versus the rest of the world generally would be substantially less effective than depreciation by a small country versus the rest of the world. Indeed, he goes so far as to conclude that for the case of actual large blocs, such as the dollar bloc or the sterling bloc, application of the model developed in this paper would seem to indicate that effectiveness of depreciation would be substantially greater than in the case of the small country versus the rest of the world. This conclusion merits evaluation.

This paper attempts to shed new light on the extent to which college education brings financial returns. It recognizes the existence of a number of variables that are likely to affect the financial returns that education produces for a given person -particularly the student's ability and motivation, and the quality of his schooling. It attempts to isolate returns to education from returns to these other related variables.