The meaning of cost-benefit (c-b) studies, advocated with increasing frequency as a remedy for the ills that beset education, is explained, the difficulties that exist in transfering the c-b techniques of business and defense to education are outlined, and specific pioneering c-b studies, particularly those aimed at evaluating new instructional media, are reviewed in this paper. The overall conclusion reached is that meaningful c-b analysis in the most important areas of education is not feasible until a scientific base on educational processes has been established. (SP)