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Professor Stone has published two books and more than 80 articles, ten in top-ten journals. His research has been supported by multiple grants from the National Science Foundation, the Ford Foundation, and the U.S. Departments of Education and Labor. 

Recent research has focused on reform issues in K-12 education; higher education and student financial aid; the influence of government taxes and expenditures on growth; non-marital fertility; and economic models of religion.  Stone has supervised the dissertations and theses of more than 40 graduate students. He continues to be passionate about undergraduate education, and frequently supervises undergraduate research projects; several of these student projects are now published.