The great concern in recent decades over the trends of declining student achievement scores and increased cost of schooling has prompted speculation about how these trends might relate to one another. Much like popular opinion, research findings from studies of this relationship have often been contradictory. This study presents results from a meta-analysis of research on the relationship between educational expenditure and student achievement. Meta-analysis refers to the analysis of analyses and is the statistical analysis of a large collection of analysis results from individual studies for the purpose of integrating findings. Forty-five studies of this area were examined, representing 417 correlation coefficients from 1928 to 1980. The analysis shows that educational expenditures have little effect on student achievement. Noted is a trend that involves the decline in the relationship of the two factors over several decades. Evidence of an interaction of grade level with the relationship is not present. Conclusions and recommendations for further research are provided. Included in the study are 6 tables of statistical data and 12 references. A complete listing of studies used is provided. (WTH)