The perception exists that the massive infusion of resources into public education has done nothing to bolster student achievement scores and that American students' scores on international assessments rank far below the scores of students from other countries. These perceptions are examined in this booklet. The focus is on education productivity and the various parameters of this evaluative concept. It offers a definition of education productivity and asks whether it is a useful concept to employ. The text claims that productivity research yields the most important information for policymakers in education and that these individuals need to know how to use limited resources in the most cost-effective manner, as well as what additional outputs would be achieved with additional resources. It has been shown in communicating with corporate America, taxpayers, and others that the education community must develop and monitor credible and understandable school productivity measures and that different policies and programs be compared on the basis of cost-effectiveness. Furthermore, it is claimed, austere budgets make research that is oriented toward productivity and cost-effectiveness even more important since it allows a higher level of debate regarding public education. (Contains 62 references.) (RJM)