This paper attempts both to provide a way of looking at school finance in order to make wiser decisions about it and to discuss some alternative ways to finance the public schools of New York State. The New York school finance system is examined in terms of equity, efficiency, and responsiveness, as are some of the characteristics of the educational finance system in the states of Florida, Michigan, and Washington. An alternative system is proposed that would guarantee basic education on an equal basis to every child, with money provided entirely by the state. Basic education is defined as those things necessary for minimally effective functioning in a democracy. These include the ability to read, write, and do basic arithmetic, and knowledge of how our democratic government works. Educational coupons could be used to purchase additional educational services. Cost of the coupons would vary according to family income and number of school-age children. In addition, a portable grant entitling an individual to a maximum of six additional years of education at any school, public or private, could be used at any time during the individual's life. Individuals could continue to buy educational coupons throughout their lives, to be used for learning enrichment activities of various sorts. (Author/MLF)