Abstract
This article employs 1963–97 panel data for the 48 contiguous U.S. states (and District of Columbia) to examine the relationship between real personal income and real education expenditures as well as that between real personal income and six measures of real research and development expenditures. Bivariate regressions are employed to determine whether the information content between real education expenditures and real income runs from real income to real education spending or vice versa. The authors find that when data are relative to the U.S. average, the direction of information content runs from real state‐level education expenditures to real state‐level income. (JEL I2, H72)
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