An evaluation of the merits of education vouchers as a means of implementing educational reform is explored in this publication. The paper is divided into five sections. First, the historical and philosophical origins of the concept of vouchers are examined. The second section focuses on education vouchers in the context of recent developments in the theory of welfare economics and public finance. The third and fourth sections examine the Jencks report, a 1970 investigation of the feasibility of vouchers, and the experience with use of this model at Alum Rock, California. The latter details planning, implementation, and evaluation phases. Finally, based in part on the Alum Rock demonstration, an evaluation is made of the applicability of the economic theory implicit in voucher models to schooling situations. The paper concludes that although the picture presented at Alum Rock was mostly negative, debate concerning the merits of education vouchers is likely to continue. (Author)