Educational economics and finance is a complex issue that the author has approached from three different areas: (1) a review of recent literature, (2) the state of the art of financing education, and (3) the state of research on the economics and financing of education. The author points to a revolution in education finance in Canada. The provinces of British Columbia and Nova Scotia are implementing radically different school finance plans, Alberta and Manitoba are investigating possibilities for change, Quebec is reorganizing its schools and changing laws affecting wages of teachers, Saskatchewan is changing financing in northern schools, and Prince Edward Island and Ontario are also involved in finance changes. A detailed discussion is provided of the situation in each province and of the current status of implemented or proposed changes. Regarding techniques for financing education, the author finds contradictory evidence: while "technological creep" is having a revolutionary impact, the overall mechanisms for controlling education costs are inadequate. The author concludes there is a new role for finance specialists at universities to undertake research to find new ways to improve educational finance. (MD)