In the Olympics equation, the coefficient estimate (+ 0.0075) on schooling was now not quite significant at the 1% level but still had a p -value of 0.015.
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The sentences
The coefficient estimate on the income variable is sharply lowered (such that a 1% increase in per capita income is predicted now to increase points share by 0.02 percentage points) and becomes only marginally significant, suggesting that effects from per capita GDP are, to a large extent, mediated through the tendency for populations of higher income countries to have had more widespread education. 13 The effect size of schooling is modest but not trivial.