Equity issues in public school finance have been discussed in terms of three waves. The first wave was a challenge to the U.S. Supreme Court to provide equal education to all students as a fundamental right. After a ruling against the plaintiffs in "San Antonio v Rodriguez" (1973), the fight shifted to a second wave in the state courts. The third wave has addressed issues of adequacy for all students. Now California is on the verge of a fourth wave that would combine equity and adequacy to focus on student achievement in relation to state curriculum standards. These four waves are discussed in relation to the recent history of declining resources and student achievement in California.