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But what, precisely, is the effect on elementary school education of reducing class size? Reducing class size costs money: It requires hiring more teachers and, if the school is already at capacity, building more classrooms. A decision maker contemplating hiring more teachers must weigh these costs against the benefits. To weigh costs and benefits, however, the decision maker must have a precise quantitative understanding of the likely benefits. Is the beneficial effect on basic learning of smaller classes large or small? Is it possible that smaller class size actually has no effect on basic learning?