17
Aug
14

Academic Bubbles and Those Damn Austrians

(That is, Austrian-school economists, not people from Austria, unless the latter are also the former.)

Here’s Scott Sumner on a natural experiment in hard-line grade deflation:

OK, so the Austrians are right in this case. But I still think they are wrong about 2006-09.

This in reaction to the unsurprising-at-first-glance result that students often choose their courses to get the best grades, and when a previously-profligate department tightens the GPA purse strings, those students will switch away from that department’s courses.  I say “at first glance” because grade scales are just arbitrarily-relabelled intervals; my undergraduate university awarded grades on a nine-point scale (but not a stanine), and my grad school’s 4-point scale actually went up to eleven 4.33.  Both were heavily weighted towards the top end of the interval in practice, although I suspect a handful of exceptionally deserving students scored 1s in both.

Anyway, do click through and read the whole thing.

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