ERIC Number: ED560653
Record Type: Non-Journal
Publication Date: 2015-Feb
Reference Count: N/A
School Choice and Economic Growth: A Research Synthesis on How Market Forces Can Fuel Educational Attainment
Keating, Raymond J.
Friedman Foundation for Educational Choice
Economic growth typically results when businesses, workers, investors, and entrepreneurs are free to compete, innovate, and work to better serve consumers by supplying new or improved goods and services. These incentives govern the marketplace, and when built upon a sound foundation of property rights, the rule of law, open trade, minimal governmental burdens, and price stability, economic growth and prosperity emerge. Unfortunately, when it comes to primary and secondary education in the United States, the entire structure runs counter to such a market system. Given the dominant role of government in educating children, and the accompanying political decisions, special interest influences, lack of real competition, and the rewarding of failure with increased budgets and staff, the entire public education structure is not designed to generate needed academic results. True choice and competition in education would shift that system's incentives dramatically, with the education entrepreneurs and providers focused on supplying added value to the customers, that is, students and parents. The resulting improvement in educational quality and attainment would raise productivity, personal earnings, and the overall economy. Expanding school choice and competition--ideally, transforming a government monopoly into a universal school choice system--would significantly boost both educational attainment and education quality. In turn, economic growth would be spurred through an assortment of channels. This research synthesis offers 10 ways school choice would aid economic growth, discusses 5 factors that contribute to the economy and its growth, and describes 10 key channels for expanded school choice to feed economic growth. The report concludes that when choice and competition in education are truly expanded in a substantive, substantial way, the benefits will flow forth in terms of improving educational attainment and quality, thereby boosting U.S. productivity, innovation, entrepreneurship, and economic growth.
Descriptors: School Choice, Economic Development, Educational Attainment, Economics, Competition, Educational Quality, Employment, Productivity, Income, Elementary Secondary Education, Public Education, Entrepreneurship, Innovation, Costs
Friedman Foundation for Educational Choice. Available from: Foundation for Educational Choice. One American Square Suite 2420, Indianapolis, IN 46282. Tel: 317-681-0745; Fax: 317-681-0945; e-mail: email@example.com; Web site: http://www.edchoice.org
Publication Type: Reports - Research
Education Level: Elementary Secondary Education
Authoring Institution: Friedman Foundation for Educational Choice
Identifiers - Location: District of Columbia; New York; Wisconsin