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Youwouldliketo determinethecausaleffectofeducationonone's hourlywage,animportantquestion for policymakers interested in the field of education. Suppose you collect a data set and observe that people with more years of

  1. Youwouldliketo determinethecausaleffectofeducationonone's hourlywage,animportantquestion for policymakers interested in the field of education. Suppose you collect a data set and observe that people with more years of schooling earn a higher hourly wage.
    1. Would this observation enable us to conclude that more years of schooling increase hourly wages?Whyorwhynot?Givetwopotentialconfounding(orlurking)variableswhichwould impact this result.
    2. Couldtherelationbetweenhourlywageandyearsofschoolingbedrivenbyreverse causation (ie hourly wage explains years of schooling)? Why or why not?

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