Characteristics of and comparisons between US fourth-year veterinary students graduating with and without educational debt from 2001 through 2020

OBJECTIVE To characterize and compare fourth-year students of US veterinary schools graduating with and without related educational debt (ie, DVM debt) from 2001 through 2020. SAMPLE 45,756 fourth-year veterinary students who participated in the annual AVMA Senior Survey from 2001 through 2020. PROCEDURES Survey data were summarized for variables hypothesized to be associated with DVM debt. Multivariable modeling was used to investigate associations between these variables and the likelihood of graduating with DVM debt. RESULTS Mean DVM debt increased fairly steadily from $56,824 in 2001 (n = 1,587) to $157,146 in 2020 (2,859). Of 45,756 students, 6,129 (13.4%) had no DVM debt. Attending Tuskegee University and having children (both men and women) were associated with an increased likelihood of DVM debt. Attending certain other veterinary schools and more recent survey year were associated with a decreased likelihood. For 2020, the likelihood of DVM debt decreased with increasing percentage of tuition paid by family and increased with increasing percentage of tuition paid by educational loans, being a woman with children, and increasing total cost of attendance. No association was found with state cost of living index or per capita income. CLINICAL RELEVANCE Results suggested a growing rift between US veterinary students who cannot afford tuition and fees without accumulating financially concerning levels of debt and those who have the financial ability or family situation to fully fund veterinary school. Efforts should be undertaken to recruit across socioeconomic statuses and provide meaningful scholarships to students with greatest financial needs to support diversity, equity, and inclusion in veterinary medicine.

Making Inferences from Index Numbers (1860–1914)

Index numbers are indirect measurements as well as composite quantities that present particular inferential challenges to the measurer and their intended audiences. The early history of the use of index numbers in British economics (ca. 1860–1914) shows that making inferences using this measuring instrument was rife with problems. Economists grappled with multiple “inferential gaps” in order to make inferences from index numbers. The extent to which these gaps could be bridged depended on the theoretical frameworks and measurement strategies used. However, it is also evident that some inferential issues confronting economists were ideological or political in nature. Two case studies are examined, Stanley Jevons’s price index and the Board of Trade’s cost-of-living index, that sharpen the focus on the accuracy of index numbers. What did index numbers really capture about the deterioration of the monetary standard or standard of living of the working classes? By situating the index numbers within the broader ecology in which they were constructed, the article shows that making inferences was not just a heuristic process (one that eliminated gaps by getting the estimations right) but a cognitive one as well (one that people could accept as being “fit for purpose”).

A Complete Picture of Spatial Disparity in Cost of Living Index: A Case Study of Pakistan’s Cities

This study constructed the cost of living index by using all available data on 488 commodities of the 40 cities of Pakistan for the month of May 2019. Empirically, results revealed that there is a statistical difference in the cost of living index among cities from the standard of living. Based on the national average prices, the Islamabad is ranked at first, and Mirpurkhas, a city of Sindh, is at fortieth. Furthermore, Province wise highest cost of living is found in NWFP and lowest in Sindh. By employing national average prices that have aggregation bias; therefore, it is replaced by province-level prices; the ranking among cities within the province is changed. At province average prices, the highest cost of living index is found in Rawalpindi, Karachi, Abbottabad, and Loralai, and the lowest cost of living in Gujranwala, Mirpurkhas, Peshawar and Turbat, for the province of Punjab, Sindh, NWFP, and Baluchistan, respectively. This spatial disparity in the cost of living is mainly due to specific factors of production in a specific city as compare to other; Quetta is known as “fruit garden in Pakistan,” and Khuzdar is an agriculture-based city. Similarly, Karachi and Lahore have (i) high per capita income, and (ii) over-population are the factors of the high cost of living. Hence, in the light of the present study, it is suggested there is no single rule through which disparity in the cost of living can be overcome. Preferably the solution is laying at the micro-level, i.e., the disparity in the cost of living is mainly due to disparity in prices of same goods and services across cities, therefore by controlling prices of goods and services across the cities will suppress this disparity.

Constructing Cost of Living Indexes

This article examines the first two estimates of the Argentine cost of living index, focusing on their producers, Alejandro Bunge and José Figuerola. The Bunge index, released in 1918, did not hold as a stable social and political artifact because it lacked legitimacy in the eyes of many sectors of society. This was a consequence of Bunge’s personal connections, and of the close relationship between the index and Bunge and between the index and his macroeconomic vision, which differed from that of the economic and political elite. The trajectory of the second estimate, released in 1935 by the National Labor Department, highlights the importance of the working class as a social actor in fostering the adoption of their cost of living index. The legitimacy of the National Labor Department’s index was enhanced by the connections between Figuerola and the International Labour Organization. The contrast between the two histories suggests that for a cost of living index to hold as a stable social and political artifact during the first half of the twentieth century, a connection between the index and industrial relations had to exist. In particular, the index should contribute toward the formation of the working class as a visible object for policy intervention.

Lifetime Cost of Living and Effective Prices: Theory and Evidence for Germany

We develop and analyze an intertemporal cost of living index (ICOLI), also referred to as lifetime cost of living or cost of life index. The ICOLI is a geometric weighted average of effective prices, derived from constrained consumer utility maximization. Effective prices are both, money valued marginal utilities of the final unit consumed, and present values of prices for future consumption. Using the concept of duration, we derive analytical elasticities of the ICOLI with respect to consumer prices and interest rates and show their impact on lifetime welfare of consumers. We also provide empirical evidence for Germany, compute an ex post time series of the ICOLI, and gauge the welfare effects of low interest rate scenarios. We find that the financial repression policy of the ECB since 2010 contributed to substantial losses in the purchasing power of money and led to lasting welfare losses for consumers in Germany, in particular for the cohorts of young consumers. The ICOLI complements conventional price and inflation statistics and could serve as a valuable information tool for monetary policy.