Utilizing data from the 1973-1974 school year, the study analyzed and compared the educational funding system presently used by Oklahoma with other school funding plans on the basis of economic efficiency and social equity. Funding plans used for comparison included Flat Grants, Minimum Foundation, Percentage Equalizing, Guaranteed Tax Base, Full State Funding, and other model formulas based on ability of districts to pay for common schooling. The study summarized the possible effects of each plan on counties, state regions, income levels, property values, and rurality. Results indicated that a complete full state funding program would best achieve the goal of providing equal educational opportunities through equal educational spending for all Oklahoma school children. Full state funding would require additional state revenues which could be collected, in part, by assessment of a statewide property tax and by retention of revenues which the state now reallocates to local school districts. A more equitable school funding program would result from using revenues from different tax sources including income tax, sales tax, property tax, and public utilities tax. (CM)